Accounting standards

Accounting / International reporting: management commentary

In August’s international accounting updates, Jeroen Van Doorsselaere considers the importance of management commentary and moves towards a tighter integration of the finance and risk world

Accounting / Risks ahead for LIBOR-linked loans

Now the FCA will not compel banks to submit LIBOR quotations or sustain the LIBOR benchmark after 2021, Collyer Bristow’s Janine Alexander examines the current risks for borrowers entering into LIBOR-linked loans and how they can best protect themselves

Accounting / Global AML fines reach £540m with reoccurring failures

The first half of 2020 has seen an uptick in anti-money laundering (AML) fine values globally totalling £540m compared to 2019’s full-year-total of £340m, according to Duff & Phelps

Accounting / Bank of Ireland slapped with €1.66m regulatory fine

The Bank of Ireland (BOI) has been fined €1.66m (£1.49m) and reprimanded for a series of regulatory breaches causing loss to a client, and for misleading the Central Bank in the course of its investigation

Accounting / FRC fines fall in favour of ‘constructive engagement’

There has been a steep fall in the financial penalties levied on accounting firms and auditors over the past year, down from £32m to £11.3m, with the Financial Reporting Council (FRC) making greater use of constructive engagement to address issues regarding poor work or breaches of standards

Accounting / Covid-19: revenue considerations for accountants and auditors - CPD module - NEW

This month's exclusive Accountancy Daily CPD module focuses on how accountants and auditors will need to pay close attention to how revenue is treated in the accounts as companies prioritise generating revenue to overcome the pandemic

Accounting / Aston Martin’s accounting error adds £15.3m to losses

Luxury car manufacturer Aston Martin has revealed that an accounting error means the sports car specialist understated its 2019 losses by £15.3m

Accounting / FRC seeks to clarify two UK accounting standards

The Financial Reporting Council (FRC) has issued two exposure drafts proposing amendments to UK and Ireland accounting standards, in order to clarify issues when reporting either going concern issues or rent concessions

Accounting / IFRS 17: what are the actuarial challenges of insurance standard?

The insurance contracts standard requires important choices to be made that can have significant impact on company financial statements creating volatility in results, and need to reflect commercial practices, argue Shasat’s Michael Winkler and Sunil Kansal FCA

Accounting / Covid-19: IAS 1 amendment deferred

The International Accounting Standards Board (IASB) has issued an amendment to defer by one year the effective date of Classification of Liabilities as Current or Non-current, which amends IAS 1 Presentation of Financial Statements

Accounting / Social distancing increases drive to digital AML

With face-to-face meetings not an option currently, accountants need to look at other ways to verify client identities under money laundering regulations, says SmartSearch’s Martin Cheek

Accounting / Accountants urged to be on guard for Covid-19 fraud

As the National Crime Agency reports increased fraud during the pandemic, accountants must be extra vigilant and take steps to help clients falling victim to Covid-19 scams, warns Anne Davis of the Institute of Financial Accountants

Accounting / International reporting: financial instruments and inter-bank rates

In July’s international accounting updates, Jeroen Van Doorsselaere considers what investors want from the financial instruments accounting standards and analyses feedback on proposals for the transition from IBOR to alternative reference rates

Accounting / EU mulls development of non-financial reporting standards

The European Financial Reporting Group (EFRAG) is to begin preparatory work on the development of possible EU non-financial reporting standards in a revised non-financial reporting directive (NFRD)

Accounting / Technology and global demands drive move to strategic adviser

Whether it is through artificial intelligence, using the cloud or simply picking up the phone to offer proactive advice, the role of an accountant is shifting towards strategic advice with an international outlook, argues Chris Downing, director at professional services firm Inspire