Accounting standards

Accounting | General Electric hit with $200m penalty over disclosure failures

US industrial giant General Electric (GE) is to pay a $200m (£150m) penalty to settle charges brought by the Securities and Exchange Commission over disclosure failures in its power and insurance businesses

10 Dec 2020

Accounting

Financial reporting

Accounting | BEIS consults on major Companies House overhaul

The Department for Business, Energy and Industrial Strategy (BEIS) has launched three consultations on reforms to Companies House, designed to improve the integrity of the information available about companies and strengthen its ability to tackle fraud

10 Dec 2020

Accounting | IFRS 17: amendments to accounting insurance standard problematic

Recent tweaks to IFRS 17 Insurance Contracts have provided some much needed clarity, but there is still room for interpretation and a financial hit when insurance companies first adopt the accounting standard in 2023, warn Michael Winkler and Sunil Kansal FCA of Shasat Consulting

8 Dec 2020

Accounting | Call to enhance IAS 37 disclosures for pollution clean-ups

Ambiguities in the existing international accounting standards have resulted in a lack of transparency about the decommissioning and clean-up costs incurred by pollution-prone industries, resulting in potential liabilities for taxpayers, according to ICAS

7 Dec 2020

Accounting | FRC consults on property and plant exemption in FRS 101

The Financial Reporting Council (FRC) is consulting on minor amendments to FRS 101 Reduced Disclosure Framework as part of the 2020/21 review cycle to keep it in line with IFRS

2 Dec 2020

Accounting | IASB set to amend IFRS 3 for M&As under common control

The International Accounting Standards Board (IASB) is consulting on possible new accounting requirements under current IFRS 3 standard for mergers and acquisitions involving companies within the same group

1 Dec 2020

Accounting | FRC hits out at ‘patchy’ corporate governance reporting

Too many companies are still adopting a ‘box ticking’ formulaic approach to corporate governance reporting, the Financial Reporting Council (FRC) has warned

26 Nov 2020

Accounting | Accountants beware rise in professional negligence claims

Accounting firms should be bracing themselves for a rise in professional negligence claims as a result of the Covid-19 pandemic, with clients pointing the figure when things go wrong, predicts Kingsley Napley’s Jemma Brimblecombe

23 Nov 2020

Accounting | FRC highlights ‘basic’ cash flow errors in corporate reporting

The Financial Reporting Council (FRC) has criticised companies for failing to tackle ‘basic’ errors in cash flow statements and has published suggestions for improvement

18 Nov 2020

Accounting | Accounting for Brexit part 4: Considerations for companies and directors

In the fourth and final article on the impact of Brexit on audit and accounting, David Duvall MA FCA, Susan Singleton LLB and Fawn Beddows examine some of the key changes that will affect businesses trading in the EU market from 1 January 2021

17 Nov 2020

Accounting | FRC outlines expectations for 2020/21 reporting

The Financial Reporting Council (FRC) has published its annual letter setting out its reporting expectations for preparers of reports and accounts for the year ahead

16 Nov 2020

Accounting | Andreas Barckow named new IASB chair

The trustees of the IFRS Foundation, who are responsible for the governance and oversight of the International Accounting Standards Board (IASB), have appointed Professor Dr Andreas Barckow to serve as the new IASB chair

16 Nov 2020

Leadership & management

Accounting | FCA warns Carillion over misleading reporting

The Financial Conduct Authority (FCA) has warned Carillion and certain of its previous executive directors that it intends to take action over their conduct at the outsourcing company, which collapsed in January 2018

16 Nov 2020

Accounting | International reporting: financial institutions post Covid

In October’s international accounting update, Jeroen Van Doorsselaere considers the impact of Covid-19 on financial institutions and how environmental, social and governance criteria could provide an answer

16 Nov 2020

Accounting | Accounting for Brexit part 3: impact for auditors

In the third article of a series on the impact of Brexit on audit and accounting, Croner-i writer David Duvall FCA sets out the key changes for auditors from January 2021

12 Nov 2020

Accounting | FRC endorses push to global sustainability standards

The Financial Reporting Council (FRC) is calling for improvements in corporate reporting on climate change issues, and has signalled its support along with other UK regulators for the IFRS Foundation’s work on developing a global approach to sustainability reporting

12 Nov 2020

Accounting | General Electric hit with $200m penalty over disclosure failures

Accounting | BEIS consults on major Companies House overhaul

Accounting | IFRS 17: amendments to accounting insurance standard problematic

Accounting | Call to enhance IAS 37 disclosures for pollution clean-ups

Accounting | FRC consults on property and plant exemption in FRS 101

Accounting | IASB set to amend IFRS 3 for M&As under common control

Accounting | FRC hits out at ‘patchy’ corporate governance reporting

Accounting | Accountants beware rise in professional negligence claims

Accounting | FRC highlights ‘basic’ cash flow errors in corporate reporting

Accounting | Accounting for Brexit part 4: Considerations for companies and directors

Accounting | FRC outlines expectations for 2020/21 reporting

Accounting | Andreas Barckow named new IASB chair

Accounting | FCA warns Carillion over misleading reporting

Accounting | International reporting: financial institutions post Covid

Accounting | Accounting for Brexit part 3: impact for auditors

Accounting | FRC endorses push to global sustainability standards

Technical Alerts

Accountancy & Audit | FISMA September 2020 newsletter published

Accountancy & Audit | HMT provides guidance on treatment of Government grant support schemes in business interruption insurance settlements

Accountancy & Audit | FCA sets out proposals to tackle concerns about general insurance pricing

Accountancy & Audit | Solicitors urged to respond to frozen asset list

Accountancy & Audit | Latest FISMA newsletter published

Accountancy & Audit | FCA launches enhanced Financial Services Register to protect consumers

Accountancy & Audit | SRA extends post run-off cover

Accountancy & Audit | FCA statement on planned amendments to the Benchmarks Regulation

Accountancy & Audit | HMT consults on transposition of BRRD II

Accountancy & Audit | Prudential standards in the Financial Services Bill: June 2020 update

Accountancy & Audit | SRA confirms reduction in Compensation Fund contributions

Accountancy & Audit | FCA and HMRC make collaboration agreement

Accountancy & Audit | EC relaxes banking accounting rules

Accountancy & Audit | Basel 3.1 standards delayed by one year

Accountancy & Audit | SRA consults on minor changes to principles for qualified lawyers

Accountancy & Audit | Government writes joint letter to UK banks on COVID-19 and bank lending