IFRS

Accounting | Pressure Technologies misreports revenue under IFRS 15

FTSE listed Pressure Technologies has flagged a delay to the year end financial statements due to a failure to comply with revenue recognition reporting rules under IFRS 15

21 Mar 2023

Accounting | Auditors need to improve credit risk assessments in IFRS 9

The Financial Reporting Council (FRC) has published a review of the Big Four audit firms’ methodology around IFRS 9 Financial Instruments, focusing on banking audits

27 Feb 2023

Accounting | FRC stresses audit focus for IFRS 17 insurance standard

The Financial Reporting Council (FRC) has written to insurance companies setting out audit priorities once IFRS 17 Insurance Contracts comes into effect from January

12 Dec 2022

Accounting | Tips and advice: UK GAAP and IFRS year end accounting

Rachel Farris FCA CTA and Sarah Baxendale FCA explain the critical issues to bear in mind when completing accounts for December 2022 year end reporters

7 Dec 2022

Accounting | UKEB endorses minor amends to IAS 1, 8, 12

The UK Endorsement Board has approved minor scope amendments to three accounting standards, including IAS 12 Income Taxes

2 Dec 2022

Accounting | Sign up for our year-end financial reporting reminders webinar

Croner-I will be running a live webinar on an end of year roundup of current accounting issues and reporting requirements on Tuesday 6 December

30 Nov 2022

Accounting | IFRS consults on changes to accounting taxonomy

The IFRS Foundation is consulting on plans to update the IFRS Accounting Taxonomy to improve ease of use

17 Nov 2022

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