Accounting / FRC fines fall in favour of ‘constructive engagement’

There has been a steep fall in the financial penalties levied on accounting firms and auditors over the past year, down from £32m to £11.3m, with the Financial Reporting Council (FRC) making greater use of constructive engagement to address issues regarding poor work or breaches of standards

Accounting / FRC seeks to clarify two UK accounting standards

The Financial Reporting Council (FRC) has issued two exposure drafts proposing amendments to UK and Ireland accounting standards, in order to clarify issues when reporting either going concern issues or rent concessions

Accounting / IFRS 17: what are the actuarial challenges of insurance standard?

The insurance contracts standard requires important choices to be made that can have significant impact on company financial statements creating volatility in results, and need to reflect commercial practices, argue Shasat’s Michael Winkler and Sunil Kansal FCA

Accounting / International reporting: financial instruments and inter-bank rates

In July’s international accounting updates, Jeroen Van Doorsselaere considers what investors want from the financial instruments accounting standards and analyses feedback on proposals for the transition from IBOR to alternative reference rates

Accounting / IASB issues limited scope amendments to IFRS 17

The International Accounting Standards Board (IASB) has issued amendments to IFRS 17, Insurance Contracts, including a two-year deferral of the start date, to address concerns and implementation challenges identified following its introduction in May 2017

Accounting / Food for thought: is agriculture accurately reporting biological assets?

With incidences of food and agriculture companies misreporting the fair value of their biological assets, Gabriel Thoumi, director of financial markets at Planet Tracker, explores the environmental and financial ramifications of misleading reporting within the sector

Accounting / International reporting: annual cohorts in IFRS 17

As the IASB returns to a new normal, Jeroen Van Doorsselaere reviews the ongoing annual cohorts debate in the insurance contracts standard and underlines renewed focus on the importance of management commentary

Accounting / FRC publishes amendments to FRS 101 and FRS 102

The Financial Reporting Council (FRC) has published minor amendments to FRS 101 Reduced Disclosure Framework to improve consistency in cashflow reporting, along with proposed amendments for FRS 102 – Interest rate benchmark reform (Phase 2)

Accounting / Covid-19: amendments to IFRS 16 Leases

The International Accounting Standards Board (IASB) has issued an amendment to IFRS 16 Leases to make it easier for lessees to account for Covid-19-related rent concessions such as rent holidays and temporary rent reductions

Accounting / International Reporting: IBOR reforms accelerate and expected credit losses test banks

The next liquidity crisis could already be here, as financial institutions grapple with expected credit losses in the wake of Covid-19, while the IASB’s interest rate benchmark reforms cannot be delayed, explains Jeroen Van Doorsselaere

Accounting / Covid-19: EU eases up on banking accounting rules

The European Commission has announced a relaxation of banking accounting rules to ensure that lenders can continue to extend loans to companies struggling during the Covid-19 crisis, in a bid to ensure a coordinated EU response and avoid national fragmentation

Accounting / IASB looks to align IFRS for SMEs with full standards

The International Accounting Standards Board (IASB) has begun consulting on proposals to update the IFRS for SMEs standard, which include consideration of whether and how to align the simplified accounting standard for small and medium-sized entities with full IFRS standards

Accounting / Covid-19: how to manage financial year end work

Accountancy firms and their clients are having to adopt alternative working methods to deal with financial year end requirements, relying on virtual meetings and IT solutions to meet deadlines in light of covid-19. Philip Smith reports 

Accounting / IASB consults on IFRS 9 amendments related to IBOR reforms

The International Accounting Standards Board (IASB) is planning to amend three key accounting standards - IFRS 9 Financial Instruments, IFRS 16 Leases and the not yet issued IFRS 17 Insurance Contracts - as a result of proposed interbank lending rate (IBOR) reforms

Accounting / Covid-19: Covid Corporate Financing Facility available

The Bank of England has set out details of how the Covid Corporate Financing Facility (CCFF) will work for listed FTSE companies, which opened to new applications from 23 March