Law and regulation

Accounting / Government tightens up director duty reporting rules

Changes to the reporting requirements for larger companies come into force in January 2019, as part of a revisions to the Companies Act 2006 (CA 2006) under The Companies (Miscellaneous Reporting) Regulations 2018 which extends reporting requirements to the strategic report, corporate governance and executive pay

Accounting / Legal updates: September 2018

In this month's legal updates, experts at law firm Gateley plc consider fiduciary duties at charitable company, English parent company not liable for overseas subsidiary, revised Corporate Governance Code

Accounting / FASB proposes revisions to US credit losses standard

The Financial Accounting Standards Board (FASB) is consulting on proposals for amendments to the transition requirements and scope of the credit losses standard issued in 2016, with the aim of making implementation less complex

Accounting / Accountant in the dock over false pension information

The Pensions Regulator (TPR) has announced legal action against an accountant accused of falsely claiming that staff at a London cafe had been enrolled in a workplace pension

Accounting / IFAC set to take on educational oversight for IES

IFAC (International Federation of Accountants) and the International Accounting Education Standards Board (IAESB) plan to overhaul accountancy training and professional development, bringing oversight under the auspices of the IFAC board

Accounting / LLP accounting framework up for review

The Consultative Committee of Accountancy Bodies (CCAB) is consulting on an updated draft of the statement of recommended practice – accounting by limited liability partnerships (LLPs SORP), which is designed to ensure LLPs continue to present financial statements that are comparable with those of other entities

Accounting / Legal updates: August 2018

In this month's legal updates, experts at law firm Gateley plc on simple agreement clause excludes misrepresentation, lawyers and ICAEW dispute distributions, draft regulations on governance reporting requirements issued

Accounting / FASB issues implementation easement for US leases standard

The US Financial Accounting Standards Board (FASB) has issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) to reduce costs and improve implementation of the leases standard for US preparers

Accounting / Director liability following collapse of subsidiary

Jane Childs, litigation partner and Alexandra Wood, counsel at Mayer Brown consider the unintended consequences of holding parent co-directors liable for post-sale subsidiary collapse

Accounting / 2018 Revised Pension SORP: briefing note

A revised and refreshed version of the accounting rules for the pension sector, the Pension SORP, has been released to take into account recent amendments to FRS 102. Here the Pensions Research Accounting Group (PRAG) provides a briefing note on the significant changes

Accounting / Pensions SORP revised: what you need to know

The Pensions SORP  - Statement of Recommended Practice - has been updated to take account of changes to FRS 102 and various legislative amendments to pension rules. Shona Harvie, partner in the pension funds group at Crowe UK and chair of PRAG explains the key revisions effective from 2019

Accounting / NI and Ireland to join 2019 Charity SORP standard setting body

The Charity Commission plans to start working on a new Charity SORP next year and will involve representatives from regulators from Northern Ireland and Republic of Ireland for the first time

Accounting / Legal updates: July 2018

In this month's legal updates, experts at law firm Gateley plc on court orders rectification of agreement, NOM clauses upheld at Rock Supreme Court appeal, businesses must take reasonable steps to protect information

Accounting / SEC extends disclosure exemption for smaller public companies

The US Securities and Exchange Commission (SEC) is planning to amend the smaller reporting company (SRC) definition for listed companies to expand the number of companies that qualify for certain reporting disclosure exemptions

Accounting / Former RSM Tenon FD faces £60k fine

The Financial Reporting Council (FRC) has excluded ICAEW member Russell McBurnie, the former finance director of RSM Tenon Group, from the accountancy profession for five years and fined him £60,000 after admissions of ‘reckless’ behaviour, in the final stage of its investigation into the firm’s financial statements