Accounting / IASB plans extension of IFRS 16 support for lessees

The International Accounting Standards Board (IASB) has published a two-week consultation on a proposal to extend by one year the application period of the amendment to IFRS 16 Leases issued in 2020 to help lessees accounting for covid-19-related rent concessions

Accounting / International reporting: subsidiary accounts and banking standards

Jeroen Van Doorsselaere assesses the latest developments from the International Accounting Standards Board, including updates on how the banking sector has responded to the pandemic and the use of primary financial statements

Accounting / IASB issues going concern reporting guidance

The International Accounting Standards Board (IASB) has issued guidance on how to apply going concern judgments when finalising annual reports as covid-19 impacts revenue

Accounting / International reporting: the Covid-19 impact and opportunities ahead

To some last year’s travails were a first test for the changed IFRS standards that took on new forms after the 2008 crisis. Others, meanwhile, were calling out for exceptional measures, as opposed to trusting in the standard frameworks. Jeroen Van Doorsselaere explains

Accounting / UK standards Endorsement Board starts work

The UK Endorsement Board (UKEB), the body tasked with endorsing and adopting international accounting standards now that the UK has left the EU, has officially launched

Accounting / Accounting updates: 2020 highlights

In a round-up of the biggest accounting stories of the year, we look at accounting and disclosure errors, financial and non-financial reporting standard reviews, Brexit transition planning and FRC warning on cashflow errors

Accounting / International reporting: climate disclosures and ESG reporting

Jeroen Van Doorsselaere considers environmental, social and governance (ESG) in financial statements and the importance of disclosure accuracy when reporting climate-related matters

Accounting / WPP and Deloitte find accounting standards errors

WPP, the world’s biggest advertising group, is to restate its financial statements from 2017 to 2019, after discovering its most recently reported statutory losses were under-stated by £301m

Accounting / IASB reviews group accounting standards

The International Accounting Standards Board (IASB) is seeking feedback on three IFRS standards for group accounting, in order to assess their usefulness to users of financial statements, the ease of implementation and any unexpected costs of application

Accounting / IFRS 17: amendments to accounting insurance standard problematic

Recent tweaks to IFRS 17 Insurance Contracts have provided some much needed clarity, but there is still room for interpretation and a financial hit when insurance companies first adopt the accounting standard in 2023, warn Michael Winkler and Sunil Kansal FCA of Shasat Consulting

Accounting / Call to enhance IAS 37 disclosures for pollution clean-ups

Ambiguities in the existing international accounting standards have resulted in a lack of transparency about the decommissioning and clean-up costs incurred by pollution-prone industries, resulting in potential liabilities for taxpayers, according to ICAS

Accounting / FRC consults on property and plant exemption in FRS 101

The Financial Reporting Council (FRC) is consulting on minor amendments to FRS 101 Reduced Disclosure Framework as part of the 2020/21 review cycle to keep it in line with IFRS

Accounting / IASB set to amend IFRS 3 for M&As under common control

The International Accounting Standards Board (IASB) is consulting on possible new accounting requirements under current IFRS 3 standard for mergers and acquisitions involving companies within the same group

Accounting / FRC highlights ‘basic’ cash flow errors in corporate reporting

The Financial Reporting Council (FRC) has criticised companies for failing to tackle ‘basic’ errors in cash flow statements and has published suggestions for improvement

Accounting / Accounting for Brexit part 4: Considerations for companies and directors

In the fourth and final article on the impact of Brexit on audit and accounting, David Duvall MA FCA, Susan Singleton LLB and Fawn Beddows examine some of the key changes that will affect businesses trading in the EU market from 1 January 2021