Financial reporting

Accounting / Risks ahead for LIBOR-linked loans

Now the FCA will not compel banks to submit LIBOR quotations or sustain the LIBOR benchmark after 2021, Collyer Bristow’s Janine Alexander examines the current risks for borrowers entering into LIBOR-linked loans and how they can best protect themselves

Accounting / Global AML fines reach £540m with reoccurring failures

The first half of 2020 has seen an uptick in anti-money laundering (AML) fine values globally totalling £540m compared to 2019’s full-year-total of £340m, according to Duff & Phelps

Accounting / Bank of Ireland slapped with €1.66m regulatory fine

The Bank of Ireland (BOI) has been fined €1.66m (£1.49m) and reprimanded for a series of regulatory breaches causing loss to a client, and for misleading the Central Bank in the course of its investigation

Accounting / FRC fines fall in favour of ‘constructive engagement’

There has been a steep fall in the financial penalties levied on accounting firms and auditors over the past year, down from £32m to £11.3m, with the Financial Reporting Council (FRC) making greater use of constructive engagement to address issues regarding poor work or breaches of standards

Accounting / Covid-19: revenue considerations for accountants and auditors - CPD module - NEW

This month's exclusive Accountancy Daily CPD module focuses on how accountants and auditors will need to pay close attention to how revenue is treated in the accounts as companies prioritise generating revenue to overcome the pandemic

Accounting / Aston Martin’s accounting error adds £15.3m to losses

Luxury car manufacturer Aston Martin has revealed that an accounting error means the sports car specialist understated its 2019 losses by £15.3m

Accounting / FRC seeks to clarify two UK accounting standards

The Financial Reporting Council (FRC) has issued two exposure drafts proposing amendments to UK and Ireland accounting standards, in order to clarify issues when reporting either going concern issues or rent concessions

Accounting / IFRS 17: what are the actuarial challenges of insurance standard?

The insurance contracts standard requires important choices to be made that can have significant impact on company financial statements creating volatility in results, and need to reflect commercial practices, argue Shasat’s Michael Winkler and Sunil Kansal FCA

Tax / Treasury moves to regulate cryptoasset promotions

The Treasury is consulting on plans for the Financial Conduct Authority (FCA) to regulate the promotion of certain types of cryptoassets for the first time, and to strengthen its role in approving financial promotions by unauthorised firms

Accounting / Social distancing increases drive to digital AML

With face-to-face meetings not an option currently, accountants need to look at other ways to verify client identities under money laundering regulations, says SmartSearch’s Martin Cheek

Accounting / Accountants urged to be on guard for Covid-19 fraud

As the National Crime Agency reports increased fraud during the pandemic, accountants must be extra vigilant and take steps to help clients falling victim to Covid-19 scams, warns Anne Davis of the Institute of Financial Accountants

Accounting / International reporting: financial instruments and inter-bank rates

In July’s international accounting updates, Jeroen Van Doorsselaere considers what investors want from the financial instruments accounting standards and analyses feedback on proposals for the transition from IBOR to alternative reference rates

Accounting / 10 lessons from first virtual year-end close

Facing many challenges, finance departments have been forced to rewrite the year-end playbook on the go, but lessons on priorities, clarity and effective communication can now be applied in the future, says BlackLine’s Andy Bottrill

Accounting / EU mulls development of non-financial reporting standards

The European Financial Reporting Group (EFRAG) is to begin preparatory work on the development of possible EU non-financial reporting standards in a revised non-financial reporting directive (NFRD)

Accounting / IASB issues limited scope amendments to IFRS 17

The International Accounting Standards Board (IASB) has issued amendments to IFRS 17, Insurance Contracts, including a two-year deferral of the start date, to address concerns and implementation challenges identified following its introduction in May 2017