Law and regulation

Accounting / Sub-postmasters win first trial over accounting IT issues

A group of over 500 former sub-postmasters (SPMs) have won an important first step in a series of trials relating to claims that the Post Office incorrectly and unfairly held them responsible for accounting discrepancies, which they held were due to failings with the Post Office’s Horizon IT system

Accounting / Extension of beneficial ownership register to overseas territories delayed

Plans to extend the public register of beneficial ownership of overseas entities to cover offshore Crown dependencies and overseas territories will not happen before 2023 at the earliest, the government has confirmed

Accounting / Essentials: Brexit changes to company law for accountants

The government is passing substantive legislative changes to Companies Act 2006 (CA 2006) via statutory instrument and has issued guidance letters for accountants and auditors with advice on how to operate cross-border in the event of a no deal Brexit. James Waller CA, technical writer at Croner-i Tax and Accounting, explains the key considerations

Accounting / Marshall: proposed amendment to IAS 37 on onerous contracts

The introduction of IFRS 15, the new revenue recognition standard, has resulted in an unexpected interpretation problem concerning partial and full provision of contracts, which requires a review of IAS 37 provisioning rules. Andrew Marshall, senior technical partner at KPMG, examines potential clashes under the current interpretation

Accounting / Legal updates: March 2019

In this month's legal updates, Sophie Brookes at law firm Gateley plc considers US sanctions versus EU Blocking Regulation, Google fined as GDPR targets media giants and Brexit and contractual references

Accounting / EFRAG endorses amended materiality definition in IAS 1 / IAS 8

The European Financial Reporting Advisory Group (EFRAG) has endorsed the use of the upcoming materiality changes to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Accounting Estimates and Errors

Accounting / EU’s anti-money laundering country blacklist raises US ire

The US has reacted with fury at the European Commission’s publication of a blacklist of 23 countries, including four overseas US territories, which it says have strategic deficiencies in their anti-money laundering and counter-terrorist financing (AML/CTF) frameworks

Accounting / Transition tips: preparing for IFRS 17 Insurance Contracts

Sweeping changes to accounting for insurance contracts are set to come into effect from 2022 under IFRS 17. Mark Miller, IFRS global lead at Legerity, sets out key steps to start the compliance process, highlighting potential pitfalls and the use of cloud options to avoid a 'rip-and-replace' approach 

Accounting / Tesco and RBS financial reporting hit by IFRS 16 Leases

Tesco is the latest company to flag up the negative impact of the latest IFRS 16 lease accounting standard on its balance sheet, with a projected £101m drop in profit before tax, while Royal Bank of Scotland results also hinted at the cost of future implementation

Accounting / Government passes SI to ensure accounting compliance post Brexit

Legislation to protect post Brexit filing exemptions for companies and limited liability partnerships (LLPs) under accounting rules have now been passed via a statutory instrument, SI 2019 No. 145, to ensure compliance with the Companies Act 2006

Accounting / Triennial review: FRS 102 (2018) and intangible assets – part 1

In the first of a four-part series on FRS 102 (2018), Michelle Roberts ACA, senior technical writer, audit & accounting at Croner-i, examines the simplifications to reporting intangible assets under revised UK GAAP accounting rules introduced as a result of the standard setter’s triennial review

Accounting / Deloitte identifies ‘discrepancies’ in Swiss mining company accounts

Ferrexpo, a Swiss headquartered iron ore company with assets in Ukraine, is to conduct a review of its accounts after auditor Deloitte identified ‘discrepancies’ in bank statements relating to contributions to a charitable foundation

Accounting / International reporting: IFRS 17 and risk management top agenda

As the IASB continues to roll out IFRS standards and sets out plans to consult on dynamic risk management, Jeroen van Doorsselaere, VP at Wolters Kluwer Financial Series says the continuing regulatory onslaught calls for an integrated approach to finance and risk

Accounting / Legal updates: February 2019

In this month's legal updates, Sophie Brookes at law firm Gateley plc explains proposed changes to limited partnership law, the difference between guarantees and indemnities, and an invalid power of attorney can cause a guarantee to fail

Accounting / Former Tesco FD cleared in £250m accounting fraud

Carl Rogberg, the former UK finance director at Tesco, has been cleared over a £250m fraud and accounting scandal at the grocery retailer, after the Serious Fraud Office (SFO) dropped the case against him, having already halted proceedings against two other senior executives