The Financial Reporting Council (FRC) has issued minor amendments to FRS 101 – 2020/21 cycle, which brings to a close the 2020/21 annual review of FRS 101 Reduced Disclosure Framework

Helena Wilkinson BSc DChA FCA and Iain Storey FCA at Price Bailey LLP explain the accounting for grant income in charities and consider grants subject to conditions or restrictions

Steve Collings FMAAT FCCA considers the implications of Covid-19 on accounting for provisions and contingencies under FRS 102 and FRS 105 

The trustees of the IFRS Foundation has announced the formation of a working group to accelerate convergence in global sustainability reporting standards and to undertake technical preparation for a potential international sustainability reporting standards board

The UK Endorsement Board (UKEB) has appointed 10 board members to the new body, set up to endorse and adopt new or amended international accounting standards in the UK after Brexit

The IFRS standard setter is currently consulting on the accounting rules for regulatory assets and regulatory liabilities under IFRS 14 and their impact on financial performance. Jeroen Van Doorsselaere examines the impact on P&L

Paul Wilden, global head of capital markets and Sean Martin, head of corporate services & private clients at Apex Group, highlight the impacts of the pandemic on going concern statements, recent guidance and outline tips for auditors to ensure best practice is followed

The Education and Skills Funding Agency has updated its guidance for academy trusts on submitting their budget forecast returns (BFR) this year

The International Accounting Standards Board (IASB) has issued guidance on how to apply going concern judgments when finalising annual reports as covid-19 impacts revenue

The International Integrated Reporting Council (IIRC) has published revisions to the International <IR> Framework to enable more decision-useful reporting

Continuing Covid-19 restrictions have seen Accountex London – the UK’s flagship accounting and finance conference and exhibition – postponed until May 2022

To some last year’s travails were a first test for the changed IFRS standards that took on new forms after the 2008 crisis. Others, meanwhile, were calling out for exceptional measures, as opposed to trusting in the standard frameworks. Jeroen Van Doorsselaere explains