Financial reporting

Accounting / Consultation on investment property under IFRS for SMEs

The IFRS Foundation has issued a draft Q&A for comment on the application of the IFRS for SMEs standard relating to investment property exemptions on first adoption of the accounting rules

Accounting / IASB consults on IAS 1 focus on materiality in accounting policy disclosures

The International Accounting Standards Board (IASB) has published proposed narrow-scope amendments to IAS 1 Presentation of Financial Statements to help companies improve their accounting policy disclosures for users of financial statements

Accounting / Companies House clarifies filing periods for confirmation statements

Companies House has updated guidance for company confirmation statements with more information about filing and payment periods

Accounting / Filing accounts at Companies House - NEW CPD module

This month's exclusive Accountancy Daily CPD module focuses on filing accounts at Companies House covering the legal requirements, electronic filing, reasons for rejection and specific rules for charities and limited liability partnerships (LLPs)

Accounting / Legal updates: August 2019

In this month’s legal updates, Sophie Brookes, partner at law firm Gateley plc, considers the liability of directors for a wrongful act in Antuzis v DJ Houghton Catching Services Limited, and the limits of individual directors to bind a company in East Asia Company Ltd v PT Satria Tirtatama Energindo

Accounting / Accounting updates: August 2019

In this month’s accounting updates, misstatements at AIM-listed Renold and Eddie Stobart Logistics, deferred prosecution for Serco, late filing penalty change at Companies House, revised ethics code, FRC flags problems with half of annual reports reviewed, IASB consults on insurance contracts and prioritises intangibles, while one third of local councils are at risk of financial failure

Accounting / Grant Thornton set to retain Sports Direct audit

Sports Direct has hit out at claims that it is looking to replace its auditor Grant Thornton after delaying the release of its preliminary results, stating that it plans to reappoint the mid-tier firm for another year subject to a vote at this year's AGM

Accounting / Weston: AI will transform finance jobs

Artificial intelligence (AI) is transforming the finance function from managing compliance controls to aiding fraud prevention. Matt Weston, managing director at Robert Half UK, provides tips and advice

Accounting / Do I need an accountant for my limited company?

Setting up a business is fraught with complexity and filing annual accounts for the first time can be daunting. Michelle Roberts ACA of Croner-i, explains the fundamental accounts compliance issues if you operate through a limited company

Accounting / Setting up a fixed asset register to avoid fraud

Identifying and valuing long-term assets for a fixed asset register is a time consuming but essential job for any company to apportion depreciation and avoid fraud. Prasanna Kulkarni, founder of Comparesoft, provides tips on how to get started 

Accounting / London businesses worst for filing late accounts at Companies House

London and Birmingham are the worst areas in the country for filing accounts late with over 200,000 UK companies facing fines for non-compliance for missing the Companies House deadline

Accounting / IASB consults on IAS 12 amend to reflect lease accounting rules

The International Accounting Standards Board (IASB) is consulting on changes to the treatment of deferred tax under IAS 12 Income Taxes as a result of IFRS 16 lease accounting rules

Accounting / FRC amends FRS 101 for insurance contracts

The Financial Reporting Council (FRC) has issued an amendment to FRS 101 reduced disclosure framework as part of its annual review, to address a conflict with the new insurance contracts standard

Accounting / AIM listed Renold finds £1.8m accounting error

Renold, an industrial equipment supplier, has postponed its AGM scheduled for 17 July after the company discovered a £1.8m accounting black hole in its gears business unit

Accounting / Third of councils ‘at risk of financial failure’

Grant Thornton has teamed up with CIPFA to develop a financial foresight model to help local authorities understand and test their long-term financial sustainability