Financial reporting

Accounting / Deloitte identifies ‘discrepancies’ in Swiss mining company accounts

Ferrexpo, a Swiss headquartered iron ore company with assets in Ukraine, is to conduct a review of its accounts after auditor Deloitte identified ‘discrepancies’ in bank statements relating to contributions to a charitable foundation

Accounting / International reporting: IFRS 17 and risk management top agenda

As the IASB continues to roll out IFRS standards and sets out plans to consult on dynamic risk management, Jeroen van Doorsselaere, VP at Wolters Kluwer Financial Series says the continuing regulatory onslaught calls for an integrated approach to finance and risk

Accounting / Accounting filing deadlines: Feb - Apr 2019

The key accounting deadlines from implementation of a raft of amendments to SORPs following FRS 102 triennial review to deadlines to comment on cryptoasset guidance, amendments to FRS 101 and FR2 102

Accounting / Accounting updates: February 2019

In this month’s roundup of accounting and reporting developments, FRC set to amend FRS 102 defined benefit pension rules, FRC consults on tougher stewardship code, former Tesco FD cleared in £250m accounting fraud, Patisserie Valerie calls in KPMG as administrators

Accounting / FRC set to amend FRS 102 defined benefit pension rules

The Financial Reporting Council (FRC) is consulting on changes to FRS 102 to improve the accounting regime for defined benefit pensions, as well as amendments to FRS 101 to take into account IFRS 17 Insurance Contracts

Accounting / FRC consults on tougher stewardship code

The Financial Reporting Council (FRC) is consulting on an updated and tougher stewardship code which the regulator says sets substantially higher expectations for investor stewardship policy and practice

Accounting / IFRS 16 raises accounting challenge for public sector bodies

The Financial Reporting Advisory Board (FRAB), the oversight body for accounting framework compliance across the public sector, has highlighted ongoing issues around public sector compliance with new lease accounting standard, IFRS 16

Accounting / UK corporates slow to adopt climate change reporting guidelines

Two-thirds (67%) of UK corporates will be disclosing climate-related risks and opportunities in their 2019 annual reporting, but under a quarter will meet new disclosure guidelines according to figures from the Carbon Trust

Accounting / IASB to propose amendments to IFRS 17

The International Accounting Standards Board (IASB) has signalled its intention to make amendments to the new insurance contracts standard, IFRS 17, in a bid to make implementation straightforward and also to make it easier for companies to explain the results of applying IFRS 17 to investors and others

Accounting / Former Tesco FD cleared in £250m accounting fraud

Carl Rogberg, the former UK finance director at Tesco, has been cleared over a £250m fraud and accounting scandal at the grocery retailer, after the Serious Fraud Office (SFO) dropped the case against him, having already halted proceedings against two other senior executives

Accounting / Patisserie Valerie calls in KPMG as administrators

Blair Nimmo and David Costley-Wood, partners at KPMG, have been appointed as joint administrators to Patisserie Holdings plc, the parent company of high street café chain Patisserie Valerie, which has collapsed putting thousands of jobs at risk after failing to secure an agreement with its lenders

Accounting / FRS 105 micro accounting: why adopt micro-entity standard – part 2

In the second of a two-part series on the micro-entity regime under FRS 105, Anne Cowley ACA looks at why micro-entities should adopt this standard, but only if they are not considering rapid expansion as the jump to fully-fledged FRS 102 will be a big one

Accounting / NAO flags concerns over health of NHS finances

The National Audit Office (NAO) warns that the current funding model for the NHS is not sustainable, despite the government’s pledge of an additional £20.5bn cash boost, because of the existence of substantial deficits in some parts of the system and the continued failure to hit performance targets

Accounting / EFRAG consults on IFRS 3 amendments

The European Financial Reporting Advisory Group (EFRAG) has issued a draft endorsement advice letter relating to the endorsement for use in the EU of Definition of a Business (Amendments to IFRS 3 Business Combinations).

Accounting / KPMG advises Patisserie Valerie on ‘devastating’ fraud

Troubled high street café chain Patisserie Valerie has called in KPMG to help the company consider its options, after investigations found the accounting misstatements identified in October are much larger than originally estimated, with evidence of ‘devastating’ fraud and deliberate manipulation