Law and regulation

Accounting / Samsung BioLogics accused of accounting violations

South Korea’s financial services regulator has ruled that Samsung BioLogics, the biotech drug arm of Samsung Group, the country’s biggest family-run conglomerate, ‘intentionally violated accounting rules’ and has imposed sanctions on its auditors

Accounting / Government amends accounting rules in Companies Act for post-Brexit

The government has issued draft legislation to amend the filing exemptions for companies and limited liability partnerships (LLPs) ahead of the UK leaving the EU, but refers to 'exit day'

Accounting / Governments shift towards accrual basis reporting

Nearly two thirds of governments will report on an accrual basis by 2023, compared to the 25% of governments that do so now, according to the latest research from the International Federation of Accountants (IFAC) and CIPFA

Accounting / IASB clarifies definition of ‘material’

The International Accounting Standards Board (IASB) has issued amendments to its definition of material to make it easier for companies to make materiality judgements, saying some companies experienced difficulties using the old definition

Accounting / Legal updates: November 2018

In this month's legal updates, experts at law firm Gateley plc on why the takeover panel opted for a rare sealed bid option in the takeover of Sky plc to settle competing bids

Accounting / SEC ramps up probe into General Electric accounting

US industrial conglomerate General Electric (GE) is facing further investigation into its accounting practices by the Securities and Exchange Commission (SEC), this time relating to a $22bn (£17bn) write-down from the company’s power business, it has revealed

Accounting / FRC and BEIS to set up IFRS endorsement board

The Financial Reporting Council (FRC) is working with the Department for Business, Energy and Industrial Strategy (BEIS) to create a board responsible for endorsing new and revised IFRS reporting standards following Brexit

Accounting / Housing SORP 2018 updated to reflect FRS 102 amendments

The National Housing Federation has updated the Housing SORP following recent amendments to financial reporting standards under FRS 102

Accounting / LLP accounting: small and micro LLPs - part 4

In the fourth of our series on accounting for limited liability partnerships (LLPs), Iain Storey of Price Bailey explores the accounting requirements for partnerships that meet the requirements to be classed as small or micro

Accounting / Regulatory compliance in the run-up to Brexit: issues for FDs

Alex Wolff, senior vice president of strategy at Kyriba gives a snapshot of the significant regulatory compliance and accounting changes affecting UK finance directors and treasury teams from IFRS 16 to GDPR penalties and MiFiD II

Accounting / Jersey introduces US-style limited liability companies

In a move to compete with other offshore finance centres and attract US inward investment, Jersey is set to allow investors to set up limited liability companies (LLCs) for the first time 

Accounting / Legal updates: October 2018

In this month's legal updates, experts at law firm Gateley plc on consultant coder was employee not PSC, Law Commission approves use of electronic signatures, corporate governance reform increases director responsibility

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