Accounting standards

Accounting / Cashflow reporting and forecasting - CPD Module - NEW

This month's exclusive Accountancy Daily CPD module focuses on cashflow reporting and forecasting by reminding businesses that even in times of crisis 'cash is king', also looking at the nine ICAEW principles for financial professionals on how to adapt cashflow processes, analysis and forecasting during the coronavirus crisis

Accounting / Covid-19: amendments to IFRS 16 Leases

The International Accounting Standards Board (IASB) has issued an amendment to IFRS 16 Leases to make it easier for lessees to account for Covid-19-related rent concessions such as rent holidays and temporary rent reductions

Accounting / Covid-19: ICAEW and ICAS going concern guidance

ICAEW and the Institute of Chartered Accountants of Scotland (ICAS) have jointly published free-to-access guidance for owners and directors of SMEs to assess the prospects of their business in the wake of Covid-19

Accounting / MoD slammed over ‘ballooning’ nuclear infrastructure project costs

MPs have lambasted the Ministry of Defence (MoD) over its poor contract design and management for critical infrastructure projects, which have resulted in taxpayers shouldering ballooning costs which have already topped £1bn

Accounting / Covid-19: lessons from construction collapses

As the sector that recorded the highest number of insolvencies in 2019 faces up to the latest threat of coronavirus, Naismiths’ head of asset recovery Ben Harwood asks if other sectors can learn from how construction companies handle threats to their business

Accounting / International Reporting: IBOR reforms accelerate and expected credit losses test banks

The next liquidity crisis could already be here, as financial institutions grapple with expected credit losses in the wake of Covid-19, while the IASB’s interest rate benchmark reforms cannot be delayed, explains Jeroen Van Doorsselaere

Accounting / Covid-19: EU eases up on banking accounting rules

The European Commission has announced a relaxation of banking accounting rules to ensure that lenders can continue to extend loans to companies struggling during the Covid-19 crisis, in a bid to ensure a coordinated EU response and avoid national fragmentation

Accounting / IASB looks to align IFRS for SMEs with full standards

The International Accounting Standards Board (IASB) has begun consulting on proposals to update the IFRS for SMEs standard, which include consideration of whether and how to align the simplified accounting standard for small and medium-sized entities with full IFRS standards

Accounting / Covid-19: amendment to IFRS 16 Leases

The International Accounting Standards Board (IASB) has announced a snap two-week consultation on proposals to amend IFRS 16 Leases to make it easier for lessees to account for Covid-19-related rent concessions such as rent holidays and temporary rent reductions

Accounting / Metro Bank to refund £10.5m in overdraft charges

Metro Bank is to repay more than £10.5m in overdraft fees to thousands of customers after it breached a legal order by failing to send texts warning about unarranged overdraft charges, reports Pat Sweet

Accounting / Covid-19: charity SORP guidance issued

Charity trustees and preparers of charity accounts have been given new guidance by the SORP-making body, looking at the potential impact of the control measures to contain Covid-19 on their financial reporting, reports Pat Sweet

Accounting / Revised investment reporting standards delayed to September

The Financial Reporting Council (FRC) has issued revised Standards for Investment Reporting (SIRs) 1000 to 5000, and a new SIR 6000 dealing with reports on Quantified Financial Benefits Statements (QFBSs) published in accordance with the City Code

Accounting / Covid-19: Companies House extends accounts filing deadline

Companies House is granting a three-month extension for companies for filing company accounts, due to the current public health situation and the impact of coronavirus on staff who may be unwell or self-isolating, reports Pat Sweet

Accounting / FCA implements two-week moratorium on FTSE corporate reporting

The Financial Conduct Authority (FCA) has confirmed that there will be a moratorium on the publication of all FTSE listed company preliminary financial statements for at least two weeks due to covid-19

Accounting / Bank of England advice on liquidity reporting under IFRS 9

The Bank of England and Prudential Regulation Authority (PRA) has issued initial guidance on reporting expected credit loss (ECL) estimates under IFRS 9 Financial Instruments in wake of covid-19