Accounting

Accounting / US analytics firm fined $5m for fake revenue reporting

Global analytics firm Comscore has paid a $5m penalty after the US Securities and Exchange Commission (SEC) claimed the firm, which measures internet traffic, had made false and fraudulent claims about its revenue 

Accounting / Will MTD improve accuracy of farm accounts?

Keeping rigorous farm accounts and ensuring that land ownership is totally clear in partnership agreements is paramount. Julie Butler FCA and Lucinda Knighton ACA explain the importance of rigorous financial accounting and the impact of Making Tax Digital for VAT

Accounting / Thomas Cook auditor EY will face regulator probe

The government has told the Financial Reporting Council (FRC) to start an investigation into the auditors of Thomas Cook as well as the conduct of its directors

Accounting / Nissan and ex-CEO pay $16m to settle SEC fraud charges

Nissan has paid $15m (£12m), and its former CEO Carlos Ghosn has paid $1m and been given a 10-year company officer ban, to settle fraud charges brought by the Securities and Exchange Commission (SEC) relating to failure to disclose over $140m of pay and benefits

Accounting / FRC eyes up probe into Thomas Cook collapse

The Financial Reporting Council (FRC) is considering launching an investigation into the collapse of Thomas Cook

Accounting / M&C Saatchi confirms £5.1m revenue recognition charge

Advertising agency M&C Saatchi plans to restate its 2018 results as a result of the ongoing independent accounting review by PwC

Accounting / Pure Circle results delayed over £24m accounting ‘issue’

Pure Circle, a manufacturer of artificial sweeteners for the global food and beverage industry, has been forced to delay its annual results, after auditor PwC unearthed a potential $30m (£24m) accounting issue

Accounting / Listed companies increase use of integrated reporting, says IIRC

The International Integrated Reporting Council (IIRC) has published its annual integrated report, stressing that there is increased use of integrated reports detailing non-financial information

Accounting / Public sector accounting and IPSAS 42 Social Benefits

The International Public Sector Accounting Standards Board (IPSASB) has issued a new standard, IPSAS 42 Social Benefits, setting out defined rules on how to account for pensions, unemployment benefits and other major public sector expenditure, in a bid to improve transparency in the accounts. Alan Bermingham, policy manager – governments at CIPFA, examines the recognition and measurement points

Accounting / Treasury consults on public sector financial reporting rules

The Treasury is consulting on revisions to the government financial reporting manual (FReM) to improve the quality and transparency of public sector annual reports

Accounting / Accounting filing deadlines: Sep - Dec 2019

The key accounting deadline is 30 September for annual returns for private companies for periods ending 31 December 2018, and for public companies with periods ending 31 March 2019 to be filed at Companies House, while December marks year end reporting for academy school trusts

Accounting / EFRAG launches crypto-assets research to tighten accounting rules

The European Financial Reporting Advisory Group (EFRAG) is seeking input from crypto-assets experts, as part of a research project looking to address current gaps in accounting standards

Accounting / Regulator and government ramp up Brexit advice

With six weeks until the Halloween deadline for Brexit, the Financial Reporting Council (FRC) has written to audit committee chairs and finance directors setting out actions companies should consider in advance of the UK’s exit from the EU

Accounting / Companies handed 223k penalties for late filing accounts

Thousands of penalties for late filing of company accounts were handed out in 2018 with more than 25,000 companies missing the 30 September deadline

Accounting / Top 10 tips for filing year-end accounts – part 2

The filing deadline for private companies with a December year end and public companies with a March year end is 30 September. Michelle Roberts ACA, senior technical writer, audit & accounting, at Croner-I provides essential advice on how to file FRS 102 year-end accounts to avoid unwanted penalties
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