Accounting

Accounting / IASB issues limited scope amendments to IFRS 17

The International Accounting Standards Board (IASB) has issued amendments to IFRS 17, Insurance Contracts, including a two-year deferral of the start date, to address concerns and implementation challenges identified following its introduction in May 2017

Accounting / Accountants ‘unsung’ heroes

Accountants are gaining recognition as the unsung business heroes of the current pandemic, with research suggesting they are the key go-to advisor, while a business improvement consultancy has launched a new award to acknowledge their contribution

Accounting / Food for thought: is agriculture accurately reporting biological assets?

With incidences of food and agriculture companies misreporting the fair value of their biological assets, Gabriel Thoumi, director of financial markets at Planet Tracker, explores the environmental and financial ramifications of misleading reporting within the sector

Accounting / What lies ahead for accountancy firms large and small

From the Big Four to sole practitioners, there will be winners and losers. Carbon Accountancy’s John Leyden sets out the future challenges, from paying staff and partners to changing business models and keeping clients

Accounting / EY reports €1.9bn ‘missing’ at Germany’s Wirecard

German payments company Wirecard has been forced to delay publication of its annual results again, after auditor EY said it could not confirm the existence of cash balances totalling €1.9bn (£1.7bn)

Accounting / SEC’s $10.5m penalty for insurer and ex-CFO over faulty disclosures

International insurance company AmTrust Financial Services and its former CFO have agreed to pay a combined $10.5m (£8.4m) to settle charges brought by the Securities and Exchange Commission (SEC), over failure to disclose material facts about how the company estimated its insurance losses and reserves

Accounting / FASB issues US standards updates

The Financial Accounting Standards Board (FASB), has released updates for two standards, one relating to accounting for convertible instruments and the other to not-for-profit organisations, and is to delay the start-date for an insurance standard in light of the pandemic

Accounting / Clear disclosures are critical for a recovering economy

The Financial Reporting Council’s (FRC) Lab has issued practical guidance to companies in areas of reporting that investors have highlighted as being most critical during the coronavirus pandemic

Accounting / Insolvency: changes offer options after lockdown

New laws will allow businesses to continue to trade, safeguard supplies and allow time to build a rescue plan, writes Benjamin Wiles of Duff & Phelps

Accounting / Review to scrutinise Post Office accounting system failures

The government is to launch an independent review into the outcome and lessons of the dispute between the Post Office and sub postmasters, who were wrongly accused of fraud over the faulty operation of the Horizon accounting system

Accounting / Corporate Insolvency and Governance Bill: permanent and temporary relief

Croner-i writer Rachel Farris FCA CTA looks at the recently released Corporate Insolvency and Governance Bill, and outlines what measures and reliefs are included to assist companies through the issues being caused by Covid-19

Accounting / International reporting: annual cohorts in IFRS 17

As the IASB returns to a new normal, Jeroen Van Doorsselaere reviews the ongoing annual cohorts debate in the insurance contracts standard and underlines renewed focus on the importance of management commentary

Accounting / FRC publishes amendments to FRS 101 and FRS 102

The Financial Reporting Council (FRC) has published minor amendments to FRS 101 Reduced Disclosure Framework to improve consistency in cashflow reporting, along with proposed amendments for FRS 102 – Interest rate benchmark reform (Phase 2)

Accounting / Unpaid invoices: overlooked assets for cash-strapped companies

Rather than writing off bad debts, businesses should think of their overdue invoices as assets that can unlock vital cash at times of stress, says Azzurro Associates’ Andrew Birkwood

Accounting / Cashflow reporting and forecasting - CPD Module - NEW

This month's exclusive Accountancy Daily CPD module focuses on cashflow reporting and forecasting by reminding businesses that even in times of crisis 'cash is king', also looking at the nine ICAEW principles for financial professionals on how to adapt cashflow processes, analysis and forecasting during the coronavirus crisis
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