Accounting standards

Accounting / IASB consults on narrow-scope changes to IFRS 3

The International Accounting Standards Board (IASB) is consulting on plans for three narrow-scope amendments to IFRS 3 Business Combinations, which would update the standard but without significantly changing its requirements

Accounting / Accounting updates: June 2019

In this month’s accounting updates, Companies House reporting regime overhaul planned, FRS 102 DB pension amendments, micro entities should adopt simplified accounting under FRS 105,  ACCA deficit grows, Kraft Heinz admits $181m misstatement, anti-money laundering (AML) oversight ramped up and academy schools Accounting Direction revised

Accounting / FRC amends FRS 102 Section 28 Employee Benefits on DB pensions

The Financial Reporting Council (FRC) has issued amendments to FRS 102 affecting the reporting treatment of multi-employer defined benefit (DB) plans to clarify reporting of deficits in other comprehensive income

Accounting / IASB consults on minor IFRS improvements

The International Accounting Standards Board (IASB) has opened a three-month consultation on proposed narrow-scope amendments to four IFRS standards

Accounting / Accountants urged to look at simplified accounting for micros

Accountants should be doing more to encourage the very smallest companies to opt for simplified accounting such as FRS 105, according to a report on the EU’s introduction of a micro-entities accounting regime

Accounting / Accounting for guaranteed minimum pensions (GMP) equalisation

The Pensions Research Accountant Group (PRAG) has published guidance on accounting for guaranteed minimum pensions (GMPs) equalisation in pension scheme accounts. Kevin Clark, chair of the PRAG SORP Working Party, examines the key issues for trustees

Accounting / Accounting standards change to hit FTSE 100 pension schemes

Impending accounting standards changes to IFRIC 14 and the limit on defined benefit asset rules could hit FTSE 100 pension schemes by up to £100bn, double previous predictions, warns LCP

Accounting / Preparing for reporting under SRA Accounts Rules 2019

The new Solicitors Regulation Authority (SRA) Accounts Rules come into effect this November and the key changes are set to simplify the accounting treatment with less prescriptive requirements but there are significant changes to handling of client monies, explains Ross Prince, partner at Crowe

Accounting / DfE push for academy schools to automate financial reporting

In a bid to inprove the quality of financial reporting at academy trusts, the Department for Education (DfE) has launched a new academies chart of accounts as the first step to automated financial reporting

Accounting / Marshall: tips on IFRS 16 preparation and lease terms

As the half year financial reporting period approaches, Andrew Marshall FCA, senior technical partner at KPMG, examines the complexities of calculating lease terms, particularly for property, when reporting under IFRS 16 Leases

Accounting / SEC to relax reporting rules for smaller companies

The Securities and Exchange Commission (SEC) has opened a 60-day consultation on changes to the definitions of ‘accelerated filer’ and ‘large accelerated filer’ to reduce compliance costs for smaller reporting companies in the US

Accounting / Kraft Heinz admits $181m in accounting ‘misstatements’

US food giant Kraft Heinz has revealed it will have to restate almost three years’ worth of accounts after an internal review found ‘certain misstatements’ meaning an estimated $181m (£138m) will have to be restated

Accounting / FRC consults on revising standards for investment reporting (SIRs)

The Financial Reporting Council (FRC) is consulting on revisions to the Standards for Investment Reporting (SIRs) in order to meet the new regulatory requirements under the Prospectus Regulations, due to come into force this July

Accounting / Accounting updates: May 2019

In this month’s accounting updates, the PRA calls for greater climate change risk reporting while the IASB says it will not move into sustainability reporting standard setting, PwC reports significant accounting irregularities at Datalex, Garden Bridge Trust is slated, and CIPFA consults on first financial management code

Accounting / International reporting: IFRS and climate change

With climate change top of the agenda, the IASB considers its impact on IFRS disclosures, plus the effects of changes to interbank offered rates on financial reporting and IFRS 17 implementation. Jeroen Van Doorsselaere, VP of Wolters Kluwer Financial Services explains
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