Financial reporting

Accounting | IFRS 17 challenges for reinsurance

Michael Winkler, actuary, and Sunil Kansal, head of consulting at Shasat, shed light on the intricacies of implementing IFRS 17 Insurance Contracts and the resulting mismatches in financial reporting

7 Aug 2023

Accounting

Financial reporting

IFRS

Accounting | EU sustainability reporting standards released

The European Commission has issued a set of 12 European Sustainability Reporting Standards effective from 2024 for the largest companies operating across the EU

1 Aug 2023

Accounting

Financial reporting

Accounting | Collapsed Coventry City of Culture reported accounting errors

Accounting problems helped to lead to the collapse of the Coventry City of Culture Trust after it received £21.3m of public funding, according to a report by the National Audit Office (NAO)

24 Jul 2023

Accounting | Accounting for Climate Resilience briefing released

AICPA & CIMA have launched Accounting for Climate Resilience, an online educational brief designed to help finance professionals report on climate-related risks

24 Jul 2023

Accounting

Financial reporting

Accounting | UKEB adopts temporary amendments to IAS 12

The UK Endorsement Board has adopted the amendments to IAS 12 International Tax Reform: Pillar Two Model Rules for use in the UK during the initial adoption period of the global base tax rate

21 Jul 2023

Accounting | Darktrace did not break financial accounting rules

AIM listed cybersecurity firm Darktrace has been cleared of any potential financial reporting issues after an independent investigation by audit firm EY

18 Jul 2023

Accounting

Financial reporting

Accounting | FRS 102 temporary amend for 15% global tax issue

The Financial Reporting Council has issued amendments to UK GAAP accounting rules to allow for transition to OECD 15% global base tax rate

11 Jul 2023

Accounting | IFRS Foundation takes on TCFD climate disclosure oversight

The Financial Stability Board has confirmed that the IFRS Foundation will take over the monitoring of the progress on companies’ climate-related disclosures from the Task Force on Climate-related Financial Disclosures (TCFD)

10 Jul 2023

Accounting

Financial reporting

Accounting | Academy school trust accounting changes

The latest Academy Trust Handbook has revised some accounting rules with an increase to the limit on related party transactions and a later deadline for annual budget forecast returns

10 Jul 2023

Accounting

Financial reporting

Accounting | Bringing order to chaos – entity simplification

Complex corporate structures should be simplified to reduce costs, mitigate risks and remove superfluous legal entities. Eddie Bines, managing director, restructuring at Kroll explains the key steps to take

29 Jun 2023

Accounting

Financial reporting

Accounting | Failure to prevent offence: how to reasonably prevent fraud

Accountants need to prepare for the introduction of a failure to prevent fraud offence as unlimited fines can be issued for non-compliance. Simon Taylor, partner, and managers, Jorge Lopes and Blair Sprott, Forensic Risk Alliance, give five tips on compliance

27 Jun 2023

Accounting

Financial reporting

Law and regulation

Accounting | Fixed recoverable costs regime – counting the cost

A rule change in October means that businesses will have more certainty when pursuing a claim for debt through the courts, due to the fixed recoverable costs regime, explains Liam Tolen, senior associate at Ashfords LLP

26 Jun 2023

Accounting

Financial reporting

Law and regulation

Accounting | Fair value disclosures need to be more transparent

The challenging economic environment and climate change risks may increase the degree of estimation uncertainty and management judgment about fair value under IFRS 13

14 Jun 2023

Accounting | FRS 102 & FRS 105: provisions and contingencies

Benjamin Smith FCA explains the accounting requirements for the recognition of provisions under FRS 102 and FRS 105 accounting standards

7 Jun 2023

Accounting | IASB plans deferred tax amend to IFRS for SMEs

The International Accounting Standards Board (IASB) plans to amend the IFRS for SMEs accounting standard to help SMEs respond to the 15% global base tax rate

1 Jun 2023

Accounting

Financial reporting

IFRS

Accounting | Greenhouse gas reporting should not be 'onerous'

Accountants need to provide transparent information about greenhouse gas emissions to improve the quality of disclosures using a dedicated finance team

30 May 2023

Accounting

Accounting standards

Financial reporting

Accounting | IFRS 17 challenges for reinsurance

Accounting | EU sustainability reporting standards released

Accounting | Collapsed Coventry City of Culture reported accounting errors

Accounting | Accounting for Climate Resilience briefing released

Accounting | UKEB adopts temporary amendments to IAS 12

Accounting | Darktrace did not break financial accounting rules

Accounting | FRS 102 temporary amend for 15% global tax issue

Accounting | IFRS Foundation takes on TCFD climate disclosure oversight

Accounting | Academy school trust accounting changes

Accounting | Bringing order to chaos – entity simplification

Accounting | Failure to prevent offence: how to reasonably prevent fraud

Accounting | Fixed recoverable costs regime – counting the cost

Accounting | Fair value disclosures need to be more transparent

Accounting | FRS 102 & FRS 105: provisions and contingencies

Accounting | IASB plans deferred tax amend to IFRS for SMEs

Accounting | Greenhouse gas reporting should not be 'onerous'

Technical Alerts

Accountancy & Audit | UKEB publishes final comment on review of IFRS 10, 11 and 12

Accountancy & Audit | FRC seeks views on readiness of companies for UK Electronic Reporting

Accountancy & Audit | ICAEW examines suitability of IFRS and IPSAS for public sector financial reporting

Accountancy & Audit | International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021 published

Accountancy & Audit | FRC launches survey for its scenario analysis research

Direct Tax | FRC publishes amendments to FRS 101 – 2020/21 cycle

Accountancy & Audit | FRC publishes thematic review on interim reporting

Accountancy & Audit | UKEB publishes feedback statement on proposed amendment to IFRS 16

Accountancy & Audit | Third edition of the Regulatory Initiatives Grid published

Accountancy & Audit | FCA opens consultation on new long-term asset fund

Accountancy & Audit | HMT adds historical guidance for penalties for breaches of financial sanctions

Accountancy & Audit | Financial Services Bill receives Royal Assent

Accountancy & Audit | SASB and IIRC merger to create Value Reporting Foundation

Accountancy & Audit | HMT reports on insolvency changes for payment and electronic money institutions

Accountancy & Audit | Final deadline for comment on Covid-19-Related Rent Concessions beyond 30 June 2021

Accountancy & Audit | FRC announces Advisory Panel appointments