IFRS

Accounting / FRC slates quality of IFRS 15 revenue recognition disclosure

Companies need to improve the quality of their reporting under newly introduced IFRS for revenue recognition and financial instruments, according to a Financial Reporting Council (FRC) review

Accounting / Banks struggle with IFRS 9 implementation

The UK’s major banks are making progress in implementing IFRS 9 Expected Credit Loss accounting (ECL) but there remain weaknesses in aspects of firms’ controls and management information around reporting impairment allowances

Accounting / International reporting: IFRS 3 disclosures on mergers and IBOR

The IASB has begun a review of its business mergers’ standard, IFRS 3, while grappling with the impact of changes to interest rate benchmarks. Jeroen Van Doorsselaere outlines the impact on disclosures and transparency

Accounting / AIM-listed Byotrol delays results over revenue recognition

Shares in anti-microbial technology company Byotrol have been suspended from AIM after it failed to file an audited version of its results on time, partly because of accounting changes required under IFRS 15 Revenue from Contracts with Customers

Accounting / IASB amends hedge accounting standard for IBOR changes

The International Accounting Standards Board (IASB) has amended hedge accounting rules under IAS 39 to ensure companies continue to provide useful financial information on interbank rates as IBOR is phased out as a measure

Accounting / M&C Saatchi confirms £5.1m revenue recognition charge

Advertising agency M&C Saatchi plans to restate its 2018 results as a result of the ongoing independent accounting review by PwC

Accounting / Accounting filing deadlines: Sep - Dec 2019

The key accounting deadline is 30 September for annual returns for private companies for periods ending 31 December 2018, and for public companies with periods ending 31 March 2019 to be filed at Companies House, while December marks year end reporting for academy school trusts

Accounting / International reporting: how relevant are IFRS standards?

The recent IASB annual conference focused on the transparency of international reporting under IFRS, the relevance of standards to company reporters and stakeholders, and the definition of materiality. Jeroen Van Doorsselaere, vice president of value propositions at Wolters Kluwer Financial Services, unpicks the key issues

Accounting / Marshall: calculating distributable reserves

The complex rules around distributable reserves has led to incorrect dividend payments and miscalculations, with interim reporting creating further challenges for listed companies. Andrew Marshall FCA, senior technical partner at KPMG, examines the issues

Accounting / FRC consults on draft feedback on IFRS 17 pre-release amendments

The Financial Reporting Council (FRC) has released a draft of its proposed responses to IASB’s pre-implementation consultation on complex amendments to IFRS 17 Insurance Contracts even before the standard has been released

Accounting / Kingfisher faces £2.6bn lease liability on balance sheet

FTSE 100 home improvement group, Kingfisher, has warned that the new lease accounting standard, IFRS 16, which it has adopted retrospectively, has affected certain half year 2018/19 and full year 2018/19 income statement line items, including retail profit by geography

Accounting / University launches app to ‘translate’ annual report information

A team of academics at Lancaster University has developed an app to help investors and regulators make sense of hard-to-understand financial reports, after finding that while annual reports have doubled in length in the last decade, there has been no improvement in their readability score

Accounting / M&C Saatchi posts one-off £6.4m accounting charge

Adverting giant M&C Saatchi has revealed accounting issues first identified by external auditor KPMG have forced the company to take a one-off exceptional charge of £6.4m to its 2019 results

Accounting / US standard setter set to delay lease accounting rule change

The Financial Accounting Standards Board (FASB) is considering deferring the implementation date for the new lease accounting standard by a year for private companies and non-profits in the US

Accounting / Consultation on investment property under IFRS for SMEs

The IFRS Foundation has issued a draft Q&A for comment on the application of the IFRS for SMEs standard relating to investment property exemptions on first adoption of the accounting rules
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