Accounting / Corporate governance for accountants on the board

In the wake of numerous corporate collapses, there is a growing focus on the integrity of accountants on company boards. Julie Matheson and Adrian Crawford of Kingsley Napley highlight the corporate governance risks and responsibilities 

Tax / Accounting causes stress to micro businesses

Micro businesses spend 10 weeks a year trying to sort out their finances and accounting compliance is one of the most stressful tasks

Accounting / Accounting updates: January 2020

This month’s roundup of accounting stories includes SFO charges at Serco, FRS 101 exposure draft released, £58m Post Office accounting settlement, M&C Saatchi misstatement hike and De La Rue flags going concern fears

Tax / Tax office slashes paper usage by 200m sheets since 2010

The digitisation of tax has seen HMRC reduce emissions by two thirds in a decade and slash paper use, helping them to exceed some of their environmental targets for 2020 

Accounting / Regulators update disclosure guidance for IFRS 9

The joint FCA/FRC regulatory taskforce on disclosures on expected credit losses (DECL) has overhauled the guidance on best practice reporting requirements under IFRS 9 Financial Instruments

Accounting / Brydon review will see audit remit extended to fraud

A major overhaul of audit following the Brydon report will see the creation of a separate corporate auditing profession, greater focus on fraud detection during audits, and the replacement of the ‘true and fair’ concept

Accounting / FRC proposes disclosure changes to FRS 101

The Financial Reporting Council (FRC) is consulting on two minor amendments to FRS 101 Reduced Disclosure Framework, identified as part of its annual review of the standard

Accounting / One in three Scottish councils improve financial reporting

Scottish councils have made ‘some improvement’ to transparency in financial reporting, Audit Scotland report shows

Accounting / SFO charges ex-Serco execs with fraud

A former finance director with outsourcer Serco is one of two executives charged by the Serious Fraud Office (SFO) with fraud and false accounting in relation to its investigation into the company’s electronic monitoring contract with the Ministry of Justice (MoJ)

Accounting / Marshall: transition disclosures under IFRS 16 Leases

As the first full year reporting deadline for IFRS 16 Leases approaches, Andrew Marshall FCA, senior technical partner at KPMG, sets out the key issues to consider when finalising accounts

Accounting / Smith & Williamson revenues up 10% ahead of Tilney merger

Top 10 fund management and accounting group Smith & Williamson has reported a 10.3% hike in operating income for the first six months of the 2019/20 financial year, which also saw the firm announce a strategic merger with Tilney Group to create a £1.8bn business.

Accounting / FRC reporting reviews to focus on high risk sectors

The Financial Reporting Council (FRC) has set out plans to review the impact of the latest lease accounting and revenue recognition IFRS standards as part of its 2020/21 thematic reviews

Accounting / Superdry finds £3.9m accounting error

Fashion brand Superdry has become the latest retailer to announce its reporting has contained accounting errors, with the company disclosing a £3.9m adjustment related to stock handling which has reduced profits for the second half of the year

Accounting / UK leads crackdown on suspicious transactions

Only one in five countries in Europe including the UK are fully compliant with the rules on suspicious transactions and order reporting (STORs) in financial services

Accounting / BSBC consults on tougher oversight of cryptoassets

The Basel Committee on Banking Supervision (BCBS) has issued a consultation on the design of a prudential treatment for cryptoassets to improve regulatory oversight