IFRS

Accounting / IFRS Foundation to look at sustainability reporting

Disclosures on climate-change related issues will become much more prevalent than currently is the case, and IFRS reporting has an important role to play in improving transparency around sustainability issues, according to International Accounting Standard Board (IASB) chair Hans Hoogervorst

Accounting / FRC seeks revenue and leases reporting improvements

The Financial Reporting Council (FRC) is warning companies they need to improve their reporting of revenue and leases, after reviewing a sample of disclosures in annual and interim reports

Accounting / International reporting: forward-looking financial statements

In September’s international accounting updates, Jeroen Van Doorsselaere considers what lies ahead for CFOs and asks whether they now need to be a jack of all trades

Accounting / Plan to create unified sustainability reporting standards

Five global organisations specialising in sustainability and integrated reporting frameworks and standards have declared their intention to work together to create a comprehensive approach to corporate reporting

Accounting / FRC’s Lab to examine reporting on risks and uncertainties

The Financial Reporting Council’s (FRC's) Financial Reporting Lab is inviting investors and companies to participate in a new project on corporate reporting on risks, uncertainties and scenarios

Accounting / IASB concludes IBOR reform project

The International Accounting Standards Board (IASB) has finalised its response to the ongoing reform of inter-bank offered rates (IBOR) and other interest rate benchmarks, by issuing a final package of amendments to IFRS standards

Accounting / FRC amendment to IFRS 16 – Covid-19-Related Rent Concessions

The Financial Reporting Council (FRC) has confirmed it will not pursue regulatory action where issuers take advantage of the provisions contained in the Accounting for Lease Modifications (Amendment to IFRS 16 – Covid-19-Related Rent Concessions) before adoption by the EU

Accounting / International reporting: management commentary

In August’s international accounting updates, Jeroen Van Doorsselaere considers the importance of management commentary and moves towards a tighter integration of the finance and risk world

Accounting / FRC fines fall in favour of ‘constructive engagement’

There has been a steep fall in the financial penalties levied on accounting firms and auditors over the past year, down from £32m to £11.3m, with the Financial Reporting Council (FRC) making greater use of constructive engagement to address issues regarding poor work or breaches of standards

Accounting / FRC seeks to clarify two UK accounting standards

The Financial Reporting Council (FRC) has issued two exposure drafts proposing amendments to UK and Ireland accounting standards, in order to clarify issues when reporting either going concern issues or rent concessions

Accounting / IFRS 17: what are the actuarial challenges of insurance standard?

The insurance contracts standard requires important choices to be made that can have significant impact on company financial statements creating volatility in results, and need to reflect commercial practices, argue Shasat’s Michael Winkler and Sunil Kansal FCA

Accounting / International reporting: financial instruments and inter-bank rates

In July’s international accounting updates, Jeroen Van Doorsselaere considers what investors want from the financial instruments accounting standards and analyses feedback on proposals for the transition from IBOR to alternative reference rates

Accounting / IASB issues limited scope amendments to IFRS 17

The International Accounting Standards Board (IASB) has issued amendments to IFRS 17, Insurance Contracts, including a two-year deferral of the start date, to address concerns and implementation challenges identified following its introduction in May 2017

Accounting / Food for thought: is agriculture accurately reporting biological assets?

With incidences of food and agriculture companies misreporting the fair value of their biological assets, Gabriel Thoumi, director of financial markets at Planet Tracker, explores the environmental and financial ramifications of misleading reporting within the sector

Accounting / International reporting: annual cohorts in IFRS 17

As the IASB returns to a new normal, Jeroen Van Doorsselaere reviews the ongoing annual cohorts debate in the insurance contracts standard and underlines renewed focus on the importance of management commentary
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