Law and regulation

Accounting / High Court claim for loss of damages over Phones 4U breach of contract

A case heard in the commercial court in January 2018 concerning Phones 4U and EE has raised important points about whether a company can claim for ‘loss of bargain’ common law damages for a repudiatory breach of contract. Miles Robinson, partner and Zahra Rose Khawaja, an associate at Mayer Brown International examine the ruling

Accounting / Revamped global code of ethics for accountants

The International Ethics Standards Board for Accountants (IESBA) has released a completely rewritten code of ethics for professional accountants designed to provide clearer advice about how accountants should deal with ethics and independence issues which it says is easier to navigate, use and enforce

Accounting / Revised Code takes into account IFRS 9 and IFRS 15 for local government

The joint board of the Chartered Institute of Public Finance and Accountancy and the Local Authority (Scotland) Accounts Advisory Committee (CIPFA/LASAAC), has issued the latest Code of Practice on Local Authority Accounting in the United Kingdom 2018/19

Accounting / Legal updates: April 2018

In this month's legal updates, experts at law firm Gateley plc consider the duty of good faith and how it has been applied in a range of judgments as well as new laws which are set to be introduced to allow company directors to remove their personal addresses from Companies House

Accounting / Anti-money laundering rules for accountants revised

The Treasury has approved the long-awaited anti-money laundering guidance for accountants and tax advisers and an extensive document has been released including details on how to determine whether a  politically exposed person (PEP) is a high or low risk

Accounting / SFO seeks retrial of former Tesco execs

The Serious Fraud Office (SFO) has written to the court to ask for a retrial of three former Tesco executives accused of fraud and false accounting after the original trial was abandoned after one of the execs, Carl Rogberg former finance chief, suffered a heart attack

Accounting / Legal updates: March 2018

In this month's legal updates, experts at law firm Gateley plc on warranty notice lacking in share purchase agreement and duties directors owe to creditors in times of insolvency

Accounting / FTSE 250 firm SIG reports accounting irregularities

FTSE 250 building products supplier SIG has revealed its profits for 2016 have been overstated by up to £3.7m, with possible further overstatements in prior years, after a whistle-blower alerted the company to accounting irregularities which have been confirmed by forensic accountants

Accounting / Accounting legal updates: February 2018

In this month's legal updates, experts at law firm Gateley plc consider a breach of duty by a company’s directors at Quindell, plans for revised corporate governance code published

Accounting / Construction companies must improve financial reporting, warns FRC

In the wake of its investigation into KPMG’s auditing of collapsed construction company Carillion, the Financial Reporting Council (FRC) has written to the boards of companies in the sector warning them of the need to pay particular attention to accounting issues, including going concern, risk and viability reporting, and their business models

Accounting / FASB simplifies US adoption of leases standard for land rights of way

The US Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) to Leases (Topic 842) that clarifies the application of the new leases guidance to land easements and eases adoption requirements for some rights of way reporting

Accounting / Dispute over breach of duty by a company's directors at Quindell

The case of Watchstone Group plc v Quob Park Estate Limited shows that a breach of duty by a director will not automatically result in any prejudice to shareholders or any loss to the company

Accounting / Overseas companies buying UK property face clampdown

The government plans to publish a public register of the ultimate owners of overseas companies that own or buy property in the UK in a bid to improve transparency and crack down on criminal gangs laundering dirty money through the property market

Accounting / Accounting legal updates: January 2018

In this month's legal updates, experts at law firm Gateley plc consider defective notice resulted in failure of warranty claim, disguised dividends unfairly prejudical against Blackpool FC shareholders

Accounting / Accounting updates: January 2018

In this month’s roundup of developments in accounting and financial reporting, Poundland owner Steinhoff calls in PwC over accounting irregularities, FRC plans to scrutinise Mitie 2016 financial statements, tax changes to plant and machinery leases planned