Accounting / IFRS 17: amendments to accounting insurance standard problematic

Recent tweaks to IFRS 17 Insurance Contracts have provided some much needed clarity, but there is still room for interpretation and a financial hit when insurance companies first adopt the accounting standard in 2023, warn Michael Winkler and Sunil Kansal FCA of Shasat Consulting

Accounting / Call to enhance IAS 37 disclosures for pollution clean-ups

Ambiguities in the existing international accounting standards have resulted in a lack of transparency about the decommissioning and clean-up costs incurred by pollution-prone industries, resulting in potential liabilities for taxpayers, according to ICAS

Accounting / Restrictive employment clauses may be scrapped

The government is planning to crack down on restrictive employment contracts for low paid workers as well as reviewing non-compete clauses, which are popular in the legal and IT sectors

Accounting / FRC consults on property and plant exemption in FRS 101

The Financial Reporting Council (FRC) is consulting on minor amendments to FRS 101 Reduced Disclosure Framework as part of the 2020/21 review cycle to keep it in line with IFRS

Accounting / IASB set to amend IFRS 3 for M&As under common control

The International Accounting Standards Board (IASB) is consulting on possible new accounting requirements under current IFRS 3 standard for mergers and acquisitions involving companies within the same group

Accounting / FRC hits out at ‘patchy’ corporate governance reporting

Too many companies are still adopting a ‘box ticking’ formulaic approach to corporate governance reporting, the Financial Reporting Council (FRC) has warned

Accounting / Accountants beware rise in professional negligence claims

Accounting firms should be bracing themselves for a rise in professional negligence claims as a result of the Covid-19 pandemic, with clients pointing the figure when things go wrong, predicts Kingsley Napley’s Jemma Brimblecombe

Accounting / FRC highlights ‘basic’ cash flow errors in corporate reporting

The Financial Reporting Council (FRC) has criticised companies for failing to tackle ‘basic’ errors in cash flow statements and has published suggestions for improvement

Accounting / Accounting for Brexit part 4: Considerations for companies and directors

In the fourth and final article on the impact of Brexit on audit and accounting, David Duvall MA FCA, Susan Singleton LLB and Fawn Beddows examine some of the key changes that will affect businesses trading in the EU market from 1 January 2021

Accounting / FRC outlines expectations for 2020/21 reporting

The Financial Reporting Council (FRC) has published its annual letter setting out its reporting expectations for preparers of reports and accounts for the year ahead

Accounting / Andreas Barckow named new IASB chair

The trustees of the IFRS Foundation, who are responsible for the governance and oversight of the International Accounting Standards Board (IASB), have appointed Professor Dr Andreas Barckow to serve as the new IASB chair

Accounting / FCA warns Carillion over misleading reporting

The Financial Conduct Authority (FCA) has warned Carillion and certain of its previous executive directors that it intends to take action over their conduct at the outsourcing company, which collapsed in January 2018

Accounting / International reporting: financial institutions post Covid

In October’s international accounting update, Jeroen Van Doorsselaere considers the impact of Covid-19 on financial institutions and how environmental, social and governance criteria could provide an answer

Accounting / Accounting for Brexit part 3: impact for auditors

In the third article of a series on the impact of Brexit on audit and accounting, Croner-i writer David Duvall FCA sets out the key changes for auditors from January 2021

Accounting / FRC endorses push to global sustainability standards

The Financial Reporting Council (FRC) is calling for improvements in corporate reporting on climate change issues, and has signalled its support along with other UK regulators for the IFRS Foundation’s work on developing a global approach to sustainability reporting