IFRS

Consultations

Accounting | IAS 1 amended to improve debt reporting

The International Accounting Standards Board (IASB) has issued amendments to IAS 1 Presentation of Financial Statements to improve reporting of long-term debt with covenants

3 Nov 2022

Accounting standards

Accounting | Minor amendments to IFRS 9 approved

The International Accounting Standards Board (IASB) has signed off narrow-scope amendments to IFRS 9 Financial Instruments

26 Oct 2022

Accounting | FRC releases 2023 suite of taxonomies for accountants

The Financial Reporting Council (FRC) has published the 2023 suite of FRC Taxonomies with changes affecting all accounting standards

24 Oct 2022

Accounting | Leaseback accounting change in IFRS 16 agreed

The International Accounting Standards Board (IASB) has amended IFRS 16 Leases to clarify how a company accounts for a sale and leaseback after the date of the transaction

26 Sep 2022

Accounting | How are cryptocurrencies accounted for?

The exponential growth of transactions in Bitcoin and other cryptocurrencies has inevitably raised significant questions about how these activities should be treated in financial statements. Mark Wearden FCCA FCG explains

14 Sep 2022

Accounting | Darktrace reports $3.8m revenue recognition error

Listed cybersecurity company Darktrace has restated its accounts following incorrectly allocated earnings due to errors on revenue recognition

9 Sep 2022

Accounting | Lack of understanding of reporting on earnings per share

The Financial Reporting Council (FRC) has published a thematic review of earnings per share (EPS), warning that the IAS 33 accounting rules are not always correctly applied

8 Sep 2022

Accounting | IFRS 17 insurance standard on the home straight

Michael Winkler, actuary and Sunil Kansal FCA, head of consulting at Shasat Consulting highlight some of the key financial reporting changes as a result of the transition to IFRS 17 Insurance Contracts

30 Aug 2022

Accounting | IASB needs to focus on completing current IFRS projects

The global accounting standard setter plans to work on completing current improvements to IFRS standards and support the drive for universal sustainability standards as part of five-year plan

2 Aug 2022

Accounting | IASB to release IFRS for SMEs consultation in September

The International Accounting Standards Board (IASB) plans to simplify revenue recognition rules when it issues the consultation on IFRS for SMEs accounting standard

7 Jul 2022

Accounting | Accounting for critical judgments under IAS 1

Critical judgments are frequently raised as an issue by the Financial Reporting Council in its annual Corporate Reporting Reviews as they are not clearly identified or explained. Rachel Farris FCA CTA, Croner-i, summarises the requirements around judgments set out in IAS 1

6 Jul 2022

Accounting | Insurers face compliance issues with IFRS 17 rollout

Insurance companies are facing rising costs to make preparations for the introduction of IFRS 17 Insurance Contracts while 40% of largest companies are not ready for the accounting standard

23 Jun 2022

Accounting | IFRS 17 will hit public sector risk adjustments

The Government Actuary’s Department (GAD) is working with government departments and public sector organisations to clarify the new insurance reporting requirements

10 Jun 2022

Accounting standards

Accounting | IFRS 17 Insurance Contracts approved for use in UK

The UK Endorsement Board (UKEB) has approved the adoption of the International Accounting Standards Board’s (IASB) IFRS 17 Insurance Contracts for use by UK companies

17 May 2022

Accounting standards

Accounting | UKEB plans intangible assets review

The UK Endorsement Board (UKEB) is undertaking a comprehensive research project to consider how the accounting for, and reporting of, intangible assets could be improved

4 Apr 2022