Law and regulation

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

Accounting / Legal updates: June 2018

In this month's legal updates, experts at law firm Gateley plc consider amendment to articles to force out minority shareholder held valid, listed company takeovers under investigation by CMA

Accounting / LLP accounting: classification of LLP members’ capital and remuneration – part 1

In the first of a new series on accounting for limited liability partnerships (LLPs), Iain Storey of Price Bailey explains the classification of LLP members’ capital and remuneration in the context of the LLP SORP

Accounting / Brexit proofing contracts during transition period

Initial transition talks have started but there is little clarity about the future validity of contracts during the pre-Brexit period. Richard Smith and Stuart Pickford, partners at law firm Mayer Brown, consider how to Brexit proof contracts to avoid commercial disputes and identify potential pitfalls

Accounting / CICs will have to report director remuneration

The government has signalled its intention to change secondary legislation to require mandatory reporting on director remuneration at community interest companies (CICs) later this year, reports Pat Sweet

Accounting / Money laundering regulations: what do the changes mean in practice?

Sophie Brookes, partner at Gateley plc, examines the changes in the money laundering regulations and how they affect the accounting profession from the extension of the definition of politically exposed persons (PEPs) to the domestic arena to the requirements for much more extensive risk reporting and appointment of a designated money laundering compliance principal (MLCP) at every firm

Accounting / Legal updates: May 2018

In this month's legal updates, experts at law firm Gateley plc consider the government’s response to the call for evidence on the new beneficial ownership register, procedures to stop bribery failed to meet requirements

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