Pat Sweet

Pat Sweet

Pat Sweet is online reporter at Accountancy Daily and contributor to the monthly Accountancy magazine, published by Croner-i, covering news stories as they happen each day. With a background in specialist business publications, Pat covers tax, audit and accounting, as well as management consultancy and IT, and is now focused primarily on developments in the accounting and finance markets. Contact Pat Sweet

Audit / FRC announces audit monitoring priorities

The Financial Reporting Council (FRC) has indicated it plans to focus on the use of audit quality indicators (AQIs) and applying technology in audits during its inspections for 2019/20, as the regulator released details of its thematic reviews, priority sectors and audit areas of focus

Tax / Government caves in to pressure on fixed odds betting changes

The government has been forced into a U-turn over the planned timetable for reducing the stakes on fixed odds betting terminals (FOBTs), which will now be introduced in April 2019 following public and political outcry and a ministerial resignation

Insight / Brexit deal proposals prompt Cabinet resignations

A proposed agreement between the UK and the EU, including single market access for Northern Ireland and a five-year post-transition commitment to VAT, has prompted resignations from Cabinet ministers Esther McVey and Dominic Raab

Tax / BBC still to resolve tax issues for freelancers

The BBC has unresolved issues relating to the tax status of dozens of its on-air presenters and others hired through personal service companies (PSCs) which may have future financial implications for the broadcaster, a National Audit Office (NAO) inquiry has found

Insight / Jail term for London grocer’s £120k VAT fraud

A London man who set up fake companies, including a jewellery shop and a holiday villas firm, as part of a £120,000 VAT fraud has been jailed for three years, following an HMRC investigation

Accounting / IASB confirms one-year deferral for IFRS 17

The International Accounting Standards Board (IASB) is proposing a one-year deferral of the effective date for IFRS 17 Insurance Contracts, under which insurance contract liabilities will be calculated as the present value, to 2022

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

Insight / Interserve hit by outsourcing worries

FTSE 250 company Interserve is the latest outsourcer to come under financial scrutiny following the collapse of Carillion earlier this year, and has been forced to issue a statement quelling rumours of potential difficulties after its share price slumped by up to 30%

Insight / Berketex Bride chain in administration

Sheffield-based insolvency firm Wilson Field is acting for Bridal Fashions Ltd, t/a Berketex Bride, after the fifty-year old wedding dress chain collapsed into administration, becoming the latest retail casualty on the high street

Accounting / Standards setters start work on corporate reporting alignment

The Corporate Reporting Dialogue (CRD), a group of major international corporate reporting standard setters and framework providers, has announced a two-year project focused on driving better alignment in the corporate reporting landscape

Audit / Technology driving corporate reporting change, says EY

Smart technologies including artificial intelligence (AI), increased use of non-financial data and innovative approaches to recruitment are changing corporate reporting, enabling companies to offer greater transparency and so increase public trust in business, research by EY has found

Tax / HMRC sees 62% hike in disputed tax collected through mediation

HMRC saw a 62% rise in disputed tax collected through the use of mediation last year, collecting £40.8m, up from £25.2m in 2016/17, according to analysis by RPC

Tax / N Brown faces £9m VAT recovery challenge

Fashion group N Brown, which owns the Simply Be and JD Williams brands, faces paying up to £9m in additional VAT from 2020, after the company was told by a First Tier Tribunal (FTT) it is likely to lose its long-running dispute with HMRC

Insight / Charity guidance issued on changing financial year

The Charity Commission has published guidance on the circumstances and procedures for charities wishing to change their financial year, which vary according to whether or not the charity is incorporated as a company

Insight / 11-year ban for financial investor over client funds abuse

A financial investor has been disqualified for 11 years after an Insolvency Service investigation found he had abused thousands of pounds worth of client’s funds which were invested in volatile foreign exchange markets
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