Financial reporting

Accounting / Charity Commission and ACCA sign referral agreement

The Charity Commission has signed an agreement with ACCA allowing the regulator to refer cases of poor professional practice by accountants and finance professionals to the professional body, the first such arrangement in the accountancy sector

Accounting / TheWorks faces £300k tax bill over import duty

FTSE listed discount stationery retailer TheWorks has warned it is facing a potential tax bill following an HMRC investigation into the use of zero rated import duty

Accounting / Ted Baker inventory error swells to £58m

Fashion retailer Ted Baker has revealed its inventory has been overstated by £58m, following an independent review by Deloitte, almost three times the amount originally estimated

Accounting / Dixons Carphone admits ‘clerical error’ in trading update

FTSE 250 electronics retailer Dixons Carphone has been left red-faced after being forced to issue a correction to its latest trading update, explaining its sales had decreased and not increased as it originally reported

Tax / Tax transparency essential to tackle $600bn avoidance bill

Businesses need to provide more transparent reporting on tax to give shareholders and the public a better understanding of their tax policy and wider contribution to society

Accounting / Carillion collapse creates hospital cost overruns

One year on from the collapse of Carillion, the National Audit Office (NAO) has published a report revealing substantial cost and time overruns on progress on two hospitals which the outsourcer was building at the time

Accounting / International reporting: 2020 and beyond

With the International Accounting Standards Board (IASB) focusing on disclosures, management commentary and improving the quality of financial reporting in 2020, Jeroen Van Doorsselaere examines the IFRS standard setter’s work plan

Accounting / Government fails to monitor £17bn spend on business support schemes

The government is spending £17bn a year on dozens of schemes to support business, but its activities are poorly co-ordinated and overly complex, meaning it cannot clearly demonstrate which schemes deliver value for money

Accounting / MoD’s financial blunder costs taxpayer £1.35bn

The National Audit Office (NAO) has criticised the Ministry of Defence (MoD) for poor financial management of three critical infrastructure projects on its nuclear-regulated sites

Accounting / Carey: boards need to improve corporate governance reporting

Anthony Carey, partner and head of board practice at Mazars, assesses the FRC annual review of UK Corporate Governance Code at FTSE companies

Accounting / Accounting filing deadlines: Jan-Mar 2020

The key accounting filing deadlines for the next quarter including private company accounts year ends for 31 March 2019, plus how to extend the deadline

Tax / UK financial services pays record £75.5bn taxes

The UK financial services sector handed over £75.5bn in taxes last year, a shade more than the previous year’s record total, but corporation tax receipts have declined for the first time in five years, according to a report published by the City of London Corporation

Accounting / Corporate governance for accountants on the board

In the wake of numerous corporate collapses, there is a growing focus on the integrity of accountants on company boards. Julie Matheson and Adrian Crawford of Kingsley Napley highlight the corporate governance risks and responsibilities 

Tax / Accounting causes stress to micro businesses

Micro businesses spend 10 weeks a year trying to sort out their finances and accounting compliance is one of the most stressful tasks

Accounting / Accounting updates: January 2020

This month’s roundup of accounting stories includes SFO charges at Serco, FRS 101 exposure draft released, £58m Post Office accounting settlement, M&C Saatchi misstatement hike and De La Rue flags going concern fears