Accounting / International reporting: latest IFRS improve transparency and clarity

The latest International Financial Reporting Standards (IFRS) including IFRSs 9, 15 and 16, have focused on increasing transparency in financial statements, which has created more clarity and improved risk management, says Jeroen Van Doorsselaere, VP of Wolters Kluwer Financial Services

Accounting / Accounting updates: April 2019

This month’s roundup of accounting stories include new SRA rules for law firms, CIPFA’s first financial management code, IFRS 8 consultation responses, Kier’s accounting error, a football accounting foul, Metro asset risk, PwC’s £5.6bn Steinhoff probe, call for better public sector reporting in Scotland

Accounting / PwC review finds ‘significant’ accounting irregularities at Datalex

Irish travel software company Datalex has revealed a string of ‘significant accounting irregularities’, after it asked PwC to conduct an independent review of accounting issues relating to revenue recognition and the application of IFRS 15, which were first identified in January

Accounting / ESMA calls for wider EU scrutiny of non-financial reporting

The European Securities and Markets Authority (ESMA) has published its annual report on the enforcement and regulatory activities of accounting enforcers within the EU, and has indicated next year’s focus will continue to be on non-financial reporting as well as the implementation of new IFRS standards

Accounting / IASB plans ‘game changer’ on financial reporting

Hans Hoogervorst, chair of the International Accounting Standards Board (IASB) has described its primary financial statements project as a ‘game changer’ in financial reporting

Accounting / Essentials: Brexit changes to company law for accountants

The government is passing substantive legislative changes to Companies Act 2006 (CA 2006) via statutory instrument and has issued guidance letters for accountants and auditors with advice on how to operate cross-border in the event of a no deal Brexit. James Waller CA, technical writer at Croner-i Tax and Accounting, explains the key considerations

Accounting / International reporting: materiality gets a make-over

Now that the International Accounting Standards Board (IASB) has a clear definition of materiality under IFRS, the next step is to incorporate it into new and existing accounting standards, says Jeroen Van Doorsselaere, VP of Wolters Kluwer Financial Services

Accounting / Marshall: proposed amendment to IAS 37 on onerous contracts

The introduction of IFRS 15, the new revenue recognition standard, has resulted in an unexpected interpretation problem concerning partial and full provision of contracts, which requires a review of IAS 37 provisioning rules. Andrew Marshall, senior technical partner at KPMG, examines potential clashes under the current interpretation

Accounting / Metro Bank probed over risk weighted asset errors

Metro Bank has revealed it is being probed by both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) who are investigating the circumstances and events that led to the challenger bank making a significant adjustment to its accounting for risk weighted assets (RWA) last month

Accounting / Accounting updates: March 2019

In this month’s roundup of accounting and reporting developments, no deal Brexit advice for accountants, IFRS 9 causes HSBC’s net assets to drop £1.2bn, IFRS 16 set to pull £180bn onto FTSE 350 balance sheets, Kraft Heinz under spotlight over procurement accounting

Accounting / Project summaries on IFRS 8 and discount rates released

The IFRS Foundation has published two documents summarising work by the International Accounting Standards Board (IASB) on possible improvements to IFRS 8 Operating Segments and on discount rates in IFRS standards

Accounting / Accounting filing deadlines: Mar - Apr 2019

The key accounting deadlines from deadline to comment on the FRC's exposure draft on Practice Note 19 to deadline to comment on the FCA consultation on Guidance on Cryptoassets and amendments to FRS 101 and FRS 102

Accounting / EFRAG endorses amended materiality definition in IAS 1 / IAS 8

The European Financial Reporting Advisory Group (EFRAG) has endorsed the use of the upcoming materiality changes to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Accounting Estimates and Errors

Accounting / IFRS 9 causes HSBC’s net assets to drop £1.2bn

The impact of IFRS 9 Financial Instruments, effective 1 January 2018, is starting to show as banks begin to publish their 2018 annual reports, with HSBC, Barclays and RBS all being affected by the new standard

Accounting / IFRS 16 set to pull £180bn onto FTSE 350 balance sheets

Royal Dutch Shell, BP, Sainsbury’s, Vodafone and International Airlines Group head the ranking of FTSE 350 companies whose balance sheets are set to be most impacted by the new IFRS 16 lease accounting standard, according to analysis by accounting software specialist LeaseAccelerator