Financial reporting

Accounting / Defined benefit pensions schemes and master trusts

Final salary pension schemes may be a legacy of a more generous time, but they remain a balance sheet issue for finance directors amidst deficit warnings and consolidation risks. Adrian Cooper, head of direct distribution, TPT Retirement Solutions, considers whether master trusts are the right approach

Accounting / FRC amends FRS 102 Section 28 Employee Benefits on DB pensions

The Financial Reporting Council (FRC) has issued amendments to FRS 102 affecting the reporting treatment of multi-employer defined benefit (DB) plans to clarify reporting of deficits in other comprehensive income

Accounting / English clubs dominate £32bn European football ranking

Real Madrid is the most lucrative football club in Europe valued at over €3bn (£2.7bn), while Chelsea and Liverpool have both broken through the €2bn (£1.8bn) barrier for the first time this season in KPMG’s football clubs’ enterprise value ranking, which sees the top 32 clubs in Europe valued at over £30bn

Accounting / IASB consults on minor IFRS improvements

The International Accounting Standards Board (IASB) has opened a three-month consultation on proposed narrow-scope amendments to four IFRS standards

Accounting / Accountants urged to look at simplified accounting for micros

Accountants should be doing more to encourage the very smallest companies to opt for simplified accounting such as FRS 105, according to a report on the EU’s introduction of a micro-entities accounting regime

Accounting / Accounting for guaranteed minimum pensions (GMP) equalisation

The Pensions Research Accountant Group (PRAG) has published guidance on accounting for guaranteed minimum pensions (GMPs) equalisation in pension scheme accounts. Kevin Clark, chair of the PRAG SORP Working Party, examines the key issues for trustees

Accounting / ACCA pre-tax deficit doubles over pension deficit

ACCA’s pre-tax deficit more than doubled to £35.2m last year according to a preview of its financial results for the 2018-19 financial year, largely because of a one-off accounting adjustment relating to ACCA’s defined benefit pension scheme amounting to £12.5m

Accounting / Accounting standards change to hit FTSE 100 pension schemes

Impending accounting standards changes to IFRIC 14 and the limit on defined benefit asset rules could hit FTSE 100 pension schemes by up to £100bn, double previous predictions, warns LCP

Accounting / Accountancy bodies ramp up anti money laundering oversight

Regulatory bodies, including HMRC, ICAEW and ACCA, have identified 42 businesses as having potential compliance failings in customer checks, record keeping and identifying risk

Accounting / Preparing for reporting under SRA Accounts Rules 2019

The new Solicitors Regulation Authority (SRA) Accounts Rules come into effect this November and the key changes are set to simplify the accounting treatment with less prescriptive requirements but there are significant changes to handling of client monies, explains Ross Prince, partner at Crowe

Accounting / DfE push for academy schools to automate financial reporting

In a bid to inprove the quality of financial reporting at academy trusts, the Department for Education (DfE) has launched a new academies chart of accounts as the first step to automated financial reporting

Accounting / Recovering cryptoassets after business insolvency

Thomas Hulme, cryptoasset specialist at law firm Mackrell Turner Garrett, examines the rules of insolvency and cryptoassets, and how creditors can recover money from an insolvent person or business’s digital wallet

Accounting / Marshall: tips on IFRS 16 preparation and lease terms

As the half year financial reporting period approaches, Andrew Marshall FCA, senior technical partner at KPMG, examines the complexities of calculating lease terms, particularly for property, when reporting under IFRS 16 Leases

Accounting / SEC to relax reporting rules for smaller companies

The Securities and Exchange Commission (SEC) has opened a 60-day consultation on changes to the definitions of ‘accelerated filer’ and ‘large accelerated filer’ to reduce compliance costs for smaller reporting companies in the US

Accounting / Financial reporting tips for smaller quoted companies

The Financial Reporting Council (FRC) and ICAEW have released a guide to help smaller listed and AIM quoted companies improve their financial reporting as it is still falling below expectations
Subscribe