Accounting / International reporting: financial instrument valuations

Proposed changes to IFRS 9 Financial Instruments over alternative reference rates focus on a smooth transition, while discussions on performance measures show the IASB faces criticism for being too prescriptive, finds Jeroen Van Doorsselaere, vice president of value propositions at Wolters Kluwer Financial Services

Accounting / IASB consults on narrow-scope changes to IFRS 3

The International Accounting Standards Board (IASB) is consulting on plans for three narrow-scope amendments to IFRS 3 Business Combinations, which would update the standard but without significantly changing its requirements

Accounting / RSM administrators to failed peer-to-peer lender

RSM Restructuring Advisory has been appointed joint administrators at three companies within the Lendy Group, marking one of the biggest collapses in the peer-to-peer lending market to date

Accounting / Legal updates: June 2019

In this month’s legal updates, Sophie Brookes, partner at law firm Gateley plc, considers an invalid director appointment that led to a failed administrator appointment, how the court stepped in to alter the quoracy at a meeting and when preference shares are ordinary share capital for entrepreneurs' relief

Accounting / Accounting updates: June 2019

In this month’s accounting updates, Companies House reporting regime overhaul planned, FRS 102 DB pension amendments, micro entities should adopt simplified accounting under FRS 105,  ACCA deficit grows, Kraft Heinz admits $181m misstatement, anti-money laundering (AML) oversight ramped up and academy schools Accounting Direction revised

Tax / Regulatory oversight of crypto assets fragmented, says FSB

The Financial Stability Board (FSB) has published a report on crypto assets, focusing on work underway, regulatory approaches and potential gaps, warning that regulators are taking a divergent approach

Accounting / Shareholders call for greater transparency on dividends

The Investment Association (IA) is calling for companies provide more information about their  approach to paying dividends by publishing a ‘distribution policy’ setting out how they pay dividends to shareholders to curb the use of unapproved interim dividend payments

Accounting / Defined benefit pensions schemes and master trusts

Final salary pension schemes may be a legacy of a more generous time, but they remain a balance sheet issue for finance directors amidst deficit warnings and consolidation risks. Adrian Cooper, head of direct distribution, TPT Retirement Solutions, considers whether master trusts are the right approach

Accounting / FRC amends FRS 102 Section 28 Employee Benefits on DB pensions

The Financial Reporting Council (FRC) has issued amendments to FRS 102 affecting the reporting treatment of multi-employer defined benefit (DB) plans to clarify reporting of deficits in other comprehensive income

Accounting / English clubs dominate £32bn European football ranking

Real Madrid is the most lucrative football club in Europe valued at over €3bn (£2.7bn), while Chelsea and Liverpool have both broken through the €2bn (£1.8bn) barrier for the first time this season in KPMG’s football clubs’ enterprise value ranking, which sees the top 32 clubs in Europe valued at over £30bn

Accounting / IASB consults on minor IFRS improvements

The International Accounting Standards Board (IASB) has opened a three-month consultation on proposed narrow-scope amendments to four IFRS standards

Accounting / Accountants urged to look at simplified accounting for micros

Accountants should be doing more to encourage the very smallest companies to opt for simplified accounting such as FRS 105, according to a report on the EU’s introduction of a micro-entities accounting regime

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 / ACCA pre-tax deficit doubles over pension deficit

ACCA’s pre-tax deficit more than doubled to £35.2m last year according to a preview of its financial results for the 2018-19 financial year, largely because of a one-off accounting adjustment relating to ACCA’s defined benefit pension scheme amounting to £12.5m

Accounting / Accounting standards change to hit FTSE 100 pension schemes

Impending accounting standards changes to IFRIC 14 and the limit on defined benefit asset rules could hit FTSE 100 pension schemes by up to £100bn, double previous predictions, warns LCP