Accounting standards

Accounting / FRC issues three amendments to standards

The Financial Reporting Council (FRC) has issued three sets of amendments to UK and Ireland accounting and reporting standards, designed to address some topical issues, and maintain a necessary alignment with international standards

Accounting / Charity trustees polled on accounting framework

Charity trustees are being asked for their views on the charity accounting framework as part of an initiative to make the charities statement of recommended practice (SORP) easier to understand and to improve compliance

Accounting / Ban for ‘misleading’ accounting institute

ICAEW, ICAS and Chartered Accountants Ireland have obtained a High Court injunction to ban a European organisation and its directors from offering chartered accountancy qualifications, as it is not a recognised professional body

Accounting / Accounting for Brexit part 1: small company and group accounts

In the first article of a series on the impact of Brexit on audit and accounting, Lizzie Morris ACA and James Lole FCA take a look at how the changes introduced by the Brexit-related regulations will impact the preparers of accounts for small companies and small groups from 1 January 2021

Accounting / Financial Services Bill introduced to Parliament

The government has introduced the Financial Services Bill as a first step in shaping a regulatory framework for the UK’s financial services sector outside of the EU

Accounting / FRC seeks corporate reporting improvements

The quality of corporate reporting from some the UK’s largest companies has not improved over the past year, and there remain concerns about the frequency of restatements relating to cashflow, according to the Financial Reporting Council’s (FRC’s) annual review

Accounting / International reporting: IFRS 16 ‘sweep’ issues

In October’s international accounting update, Jeroen Van Doorsselaere considers the so-called ‘sweep’ issue of IFRS 16, ongoing discussions around the all-important management commentary and Phase 2 of the interest rate benchmark reforms

Accounting / KPMG delays results in face of ‘significant uncertainty’

KPMG has become the second of the Big Four to delay publication of its annual results and details of partners’ pay until it has a clearer view of the impact of Covid-19

Accounting / FRC advice to make Section 172 statements useful

The Financial Reporting Council (FRC) Lab has published a set of tips to help companies with preparing the Section 172 statement reflecting the board’s consideration of stakeholders in pursuit of the success of the company, after speaking to institutional and retail investors and other stakeholders about what they consider useful reporting

Accounting / FRC wants re-think on corporate reporting

The Financial Reporting Council (FRC) is seeking views on plans to take a more agile, flexible approach to corporate reporting, based on a principles-based framework, to ensure information better meets the needs of investors and others

Accounting / IFRS Foundation consults on sustainability standards development

The IFRS Foundation trustees are exploring whether, and how, the global accounting standards body might become involved in developing global sustainability standards, given the heightened focus on environmental, social and governance (ESG) matters worldwide

Accounting / IFRS Foundation to look at sustainability reporting

Disclosures on climate-change related issues will become much more prevalent than currently is the case, and IFRS reporting has an important role to play in improving transparency around sustainability issues, according to International Accounting Standard Board (IASB) chair Hans Hoogervorst

Accounting / FCA launches criminal proceedings with former Redcentric employees

The Financial Conduct Authority (FCA) has confirmed it is taking criminal proceedings against three former executives of Redcentric, after the IT services provider was given a public censure for committing market abuse and ordered to pay £11.4m compensation to investors

Accounting / FRC seeks revenue and leases reporting improvements

The Financial Reporting Council (FRC) is warning companies they need to improve their reporting of revenue and leases, after reviewing a sample of disclosures in annual and interim reports

Accounting / Big Four back universal sustainability metrics

The Big Four accountancy firms, together with the World Economic Forum (WEF), have released a set of universal environmental, social and governance (ESG) metrics designed to make benchmarking sustainable business performance easier and more comparable