Companies applying the new standard on lease accounting are not providing sufficient information on its impact, according to the Financial Reporting Council’s (FRC) review of the first year of implementation of IFRS 16 Leases

This month’s roundup includes FRC’s revised Stewardship Code, MPs grill auditors over Thomas Cook failure, climate change reporting, concerns raised on revenue recognition disclosures, FRC consults on future of company reports and CIPFA calls for fundamental shift in local government financial reporting

Improving the quality of risk management and disclosure is a priority for the International Accounting Standards Board (IASB) and revising IAS 32 is central to its plans for 2020. Jeroen Van Doorsselaere examines the priorities

The European Securities and Markets Authority (ESMA) has outlined the priorities for European enforcers when examining 2019 annual financial reports of listed companies

The quality of reporting on climate-related issues is falling short of investors’ expectations with a lack of consistent comparative data and analysis, while materiality issues are frequently ignored

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

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

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

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

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

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

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

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

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

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