Accounting

Accounting | IASB amends transition rules for IFRS 17 Insurance Contracts

The International Accounting Standards Board (IASB) has issued a narrow-scope amendment to the transition requirements in IFRS 17 Insurance Contracts, providing insurers with an option aimed at improving the usefulness of information to investors on initial application of the new standard

13 Dec 2021

Accounting standards

Accounting | Companies House updates penalty guidance due to covid delays

Companies House has advised businesses that there is a delay to penalty reviews at the moment due to workload

10 Dec 2021

Financial reporting

Accounting | Investors want improved disclosures, not return to amortisation

CFA Institute is calling for a global approach to goodwill accounting, as diverging accounting standards could cause significant loss in global comparability for investors, should amortisation get the go-ahead from US standard setters

8 Dec 2021

Financial reporting

Accounting | FRC plans no amendments to FRS 101

The FRC has confirmed that it plans to make no changes to FRS 101 Reduced Disclosure Framework following its annual review but is consulting on possible cost implications

8 Dec 2021

Accounting | File Companies House accounts early and online to avoid delays

Companies House has issued a reminder to company reporters due to file accounts with Companies House by the end of December to use the online services where possible and allow plenty of time before your deadline

3 Dec 2021

Financial reporting

Accounting | ‘Room for improvement’ in stewardship reporting

The Financial Reporting Council (FRC) reports that there is still room for improvement in the way stewardship reporting is explained, including conflicts of interest

2 Dec 2021

Financial reporting

Accounting | IFRS Taxonomy technical update out for consultation

The IFRS Foundation is consulting on plans to update the IFRS Taxonomy 2021 to reflect developments in the technology that underlies or relates to the taxonomy and tagging attributes

2 Dec 2021

Accounting | Legal updates – December 2021

In this month’s legal updates, Sophie Brookes, partner at Gateley, examines multimillion pound fine for company breaking bribery rules, data breach waived at High Court and further guidance on National Security and Investment Act

1 Dec 2021

Law and regulation

Accounting | IASB tightens up disclosure of supplier finance arrangements

The International Accounting Standards Board (IASB) has published for public comment proposed changes in disclosure requirements to enhance the transparency of supplier finance arrangements and their effects on a company’s liabilities and cashflows

30 Nov 2021

Accounting | FRC flags disclosure gaps in Corporate Governance Code reporting

Criticism of use of boilerplate responses and lack of detailed disclosure, particularly on pension alignment and succession planning, has been flagged in the FRC’s latest review of reporting against the UK Corporate Governance Code

25 Nov 2021

Financial reporting

Accounting | UKEB calls for feedback on IFRS 9 implementation

The UK Endorsement Board (UKEB) has issued a survey to gather views on the IASB’s Post-implementation Review of IFRS 9 Financial Instruments, Classification and Measurement

23 Nov 2021

Accounting | IASB consults on amendments to long-term debt under IAS 1

The International Accounting Standards Board (IASB) is planning to amend IAS 1 Presentation of Financial Statements to improve the information companies provide about long-term debt with covenants

22 Nov 2021

Accounting | Anti-money laundering monitoring results in £53m in fines

The latest Treasury figures on compliance with anti-money laundering rules shows that the total fines issued for breaching the rules was £53.2m in 2019/20, including penalties for professional service firms

22 Nov 2021

Financial reporting

Practice & Industry

Accounting | Government consults on effectiveness of late payment reporting

Four years since rules requiring the largest companies to report on their payment targets, the government is reviewing the regime to see whether changes could be introduced to simplify the rules

19 Nov 2021

Financial reporting

Accounting | FRC sets out guidance on climate reporting under FRS 102

The Financial Reporting Council (FRC) has published a factsheet which details what climate-related matters need to be considered when preparing financial statements and associated narrative reporting under FRS 102

18 Nov 2021

Accounting standards

Financial reporting

Accounting | BIS consults on climate-related financial risk framework

The Basel Committee on Banking Supervision has issued a consultation on guideline principles for the effective management and supervision of climate-related financial risks

17 Nov 2021

Financial reporting