Financial reporting

Accounting / Bank of England challenged on climate change

MPs are urging the governor of the Bank of England to take steps to avoid ‘moral hazard’ through its investments in high carbon sectors, which they say risk undermining the UK’s role in tackling climate change

Accounting / Covid-19 kicks £2bn hole in football club finances

The world’s leading football clubs are set to miss out on over €2bn (£1.78bn) in revenue this season as a result of the economic and social disruption caused by the pandemic, according to analysis by Deloitte

Accounting / IIRC publishes revisions to International <IR> Framework to enable enhanced reporting

The International Integrated Reporting Council (IIRC) has published revisions to the International <IR> Framework to enable more decision-useful reporting

Accounting / AML: anti money laundering report system ‘ineffective’

Record numbers of suspicious activity reports are being made in a bid to tackle money laundering, but Syedur Rahman of financial crime specialists Rahman Ravelli argues bigger numbers cannot hide system’s shortcomings

Accounting / International reporting: the Covid-19 impact and opportunities ahead

To some last year’s travails were a first test for the changed IFRS standards that took on new forms after the 2008 crisis. Others, meanwhile, were calling out for exceptional measures, as opposed to trusting in the standard frameworks. Jeroen Van Doorsselaere explains

Accounting / UK standards Endorsement Board starts work

The UK Endorsement Board (UKEB), the body tasked with endorsing and adopting international accounting standards now that the UK has left the EU, has officially launched

Accounting / Legal updates: January 2021

In this month’s round up, Gateley Legal’s Sophie Brookes examines the consultation on an overhaul of financial reporting requirements at Companies House, misuse of dividend payments as director loans and what constitutes a ‘de facto’ director

Accounting / Accounting updates: 2020 highlights

In a round-up of the biggest accounting stories of the year, we look at accounting and disclosure errors, financial and non-financial reporting standard reviews, Brexit transition planning and FRC warning on cashflow errors

Accounting / International reporting: climate disclosures and ESG reporting

Jeroen Van Doorsselaere considers environmental, social and governance (ESG) in financial statements and the importance of disclosure accuracy when reporting climate-related matters

Accounting / PwC posts 3% rise in revenues, 8% fall in profits

In common with others of the Big Four, PwC acknowledged this year’s financial results have been impacted by Covid, with revenues up by 3% at £4,380m but profits falling 8%, resulting in a 10% cut to partner payouts

Accounting / WPP and Deloitte find accounting standards errors

WPP, the world’s biggest advertising group, is to restate its financial statements from 2017 to 2019, after discovering its most recently reported statutory losses were under-stated by £301m

Accounting / Consultation on changes to UK investment firm regulation

The Financial Conduct Authority (FCA) has published its first consultation on a new prudential regime for UK investment firms, which includes significantly enhanced capital requirements

Accounting / Tips and advice on preparing parochial church council accounts

The preparation of accounts that reflect the finances of a Parochial Church Council is unique in itself but throw into the mix ‘who owns what’, and complex rules on what can and cannot be capitalised, means accountants need to be careful. Helen Ford FCCA, accounts senior at Butler & Co explains

Accounting / IASB reviews group accounting standards

The International Accounting Standards Board (IASB) is seeking feedback on three IFRS standards for group accounting, in order to assess their usefulness to users of financial statements, the ease of implementation and any unexpected costs of application

Accounting / General Electric hit with $200m penalty over disclosure failures

US industrial giant General Electric (GE) is to pay a $200m (£150m) penalty to settle charges brought by the Securities and Exchange Commission over disclosure failures in its power and insurance businesses