Law and regulation

Accounting / Accounting for guaranteed minimum pensions (GMP) equalisation

The Pensions Research Accountant Group (PRAG) has published guidance on accounting for guaranteed minimum pensions (GMPs) equalisation in pension scheme accounts. Kevin Clark, chair of the PRAG SORP Working Party, examines the key issues for trustees

Accounting / Accountancy bodies ramp up anti money laundering oversight

Regulatory bodies, including HMRC, ICAEW and ACCA, have identified 42 businesses as having potential compliance failings in customer checks, record keeping and identifying risk

Accounting / Preparing for reporting under SRA Accounts Rules 2019

The new Solicitors Regulation Authority (SRA) Accounts Rules come into effect this November and the key changes are set to simplify the accounting treatment with less prescriptive requirements but there are significant changes to handling of client monies, explains Ross Prince, partner at Crowe

Accounting / DfE push for academy schools to automate financial reporting

In a bid to inprove the quality of financial reporting at academy trusts, the Department for Education (DfE) has launched a new academies chart of accounts as the first step to automated financial reporting

Accounting / SEC to relax reporting rules for smaller companies

The Securities and Exchange Commission (SEC) has opened a 60-day consultation on changes to the definitions of ‘accelerated filer’ and ‘large accelerated filer’ to reduce compliance costs for smaller reporting companies in the US

Accounting / Legal updates: May 2019

In this month’s legal updates, Sophie Brookes, partner at Gateley, considers three share purchase agreement claims in Triumph Controls UK Ltd, an unreasonable NDA in Harcus Sinclair and the implied duty to act in good faith of Post Office contracts

Accounting / Accounting updates: May 2019

In this month’s accounting updates, the PRA calls for greater climate change risk reporting while the IASB says it will not move into sustainability reporting standard setting, PwC reports significant accounting irregularities at Datalex, Garden Bridge Trust is slated, and CIPFA consults on first financial management code

Accounting / Triennial review: FRS 102 (2018) and investment properties – part 2

In part two of our FRS 102 series, James Waller CA considers how the accounting treatment of investment properties will change with the triennial review amendments to FRS 102

Accounting / International reporting: latest IFRS improve transparency and clarity

The latest International Financial Reporting Standards (IFRS) including IFRSs 9, 15 and 16, have focused on increasing transparency in financial statements, which has created more clarity and improved risk management, says Jeroen Van Doorsselaere, VP of Wolters Kluwer Financial Services

Accounting / Legal updates: April 2019

In this month's legal updates, experts at law firm Gateley plc examine a number of accounting cases including the Court of Appeal ruling in BTI 2014 LLC v Sequana SA & ors on dividend payments, directors’ duties and defrauding creditors, HMRC preferred creditor status and share sale agreements under bad leaver provisions

Accounting / Accounting updates: April 2019

This month’s roundup of accounting stories include new SRA rules for law firms, CIPFA’s first financial management code, IFRS 8 consultation responses, Kier’s accounting error, a football accounting foul, Metro asset risk, PwC’s £5.6bn Steinhoff probe, call for better public sector reporting in Scotland

Accounting / Solicitors Regulation Authority to introduce new accounts rules

The Solicitors Regulation Authority (SRA) has confirmed new regulations, which include simpler accounting rules for client monies under the SRA Accounts Rules, due to come into effect on 25 November 2019

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
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