Financial reporting

Accounting / FRC flags £94m error in Galliford Try accounts

A Financial Reporting Council (FRC) investigation has found that FTSE 250 builder Galliford Try overstated its assets by £94.3m, following errors in the way it recognised revenue on certain construction contracts

Accounting / NMC finds ‘suspected fraudulent behaviour’

FTSE 100 healthcare provider NMC Health has warned it has uncovered ‘suspected fraudulent behaviour’ in relation to some of its previous financial activities and has notified regulators in the UK and UAE

Accounting / Coronavirus sees Burford Capital delay annual results

AIM-listed Burford Capital is the first listed company to cite the current coronavirus epidemic as the reason for delaying publication of its annual results

Accounting / Lookers postpones results over ‘potential fraud’

National car dealership Lookers has postponed the publication of its 2019 results after identifying potentially fraudulent transactions in one of its operating divisions

Accounting / FCA focuses on climate change disclosures

The Financial Conduct Authority (FCA) is consulting on climate-related disclosure requirements for premium listed issuers

Accounting / International reporting: IFRS 16, disclosures and IBOR progress

Jeroen Van Doorsselaere examines the latest developments in IFRS reporting from first year IFRS 16 Lease accounting implementation to plans for a new measure to define operating result before depreciation and amortisation (ORBDA) 

Accounting / Regulators review reporting deadlines to mitigate coronavirus

UK and US regulators have moved swiftly to indicate they are considering what actions to take against companies which fail to hit reporting deadlines because of difficulties related to the spread of coronavirus

Accounting / Charity annual return service open for 2020 accounts

The Charity Commission has released the 2020 charity annual return service to allow charities to start submitting annual accounts for 2019 year ends online

Accounting / Marshall: impacts of coronavirus on financial reporting

The furore over coronavirus is hitting businesses with unintended accounting consequences for post-balance sheet events, going concern and disclosures. Andrew Marshall FCA, senior technical partner at KPMG UK, examines the key risks

Accounting / Global ethics code must catch up with AI technology

The International Ethics Standards Board for Accountants (IESBA) is to update the code of ethics in response to the pace and magnitude of change caused by disruptive technological innovations

Accounting / Accounting updates: March 2020

In this month’s accounting updates, Deloitte fined £1.8m over Comet administration failures, FCA to investigate M&C Saatchi accounting errors, SORP charity accounting committee membership and Brexit transition guidance for accountants

Tax / Sophos sale nearly punctured by salary sacrifice bike scheme

The sale and delisting of IT cybersecurity giant Sophos was delayed momentarily earlier this week over a last minute glitch over a subsidiary’s cycle to work tax-free scheme

Accounting / Lack of climate change disclosure stalls Heathrow expansion

The Court of Appeal has rejected plans to build a third runway at Heathrow airport criticising the government’s failure to include costings on the climate change impact

Accounting / NMC Health hit by £258m accounting irregularities

FTSE 100 healthcare provider NMC Health has sacked its CEO and announced its CFO is on sick leave, after the company uncovered undisclosed loans to related parties amounting to $335m (£258m)

Accounting / How watertight are partnership agreements?

When partners are asked to leave their firm, frequently they will find little protection from their partnership agreements, even if they have been a high performer. Daniel Sutherland of law firm Fox Williams gives advice on how to challenge an expulsion decision