IFRS

Accounting / FRC flags £94m error in Galliford Try accounts

A Financial Reporting Council (FRC) investigation has found that FTSE 250 builder Galliford Try overstated its assets by £94.3m, following errors in the way it recognised revenue on certain construction contracts

Accounting / International reporting: IFRS 16, disclosures and IBOR progress

Jeroen Van Doorsselaere examines the latest developments in IFRS reporting from first year IFRS 16 Lease accounting implementation to plans for a new measure to define operating result before depreciation and amortisation (ORBDA) 

Accounting / Accounting updates: March 2020

In this month’s accounting updates, Deloitte fined £1.8m over Comet administration failures, FCA to investigate M&C Saatchi accounting errors, SORP charity accounting committee membership and Brexit transition guidance for accountants

Accounting / IPSASB consults on revenue and transfer expenses standards

The International Public Sector Accounting Standards Board (IPSASB) is consulting on three inter-connected exposure drafts which are intended to pioneer new approaches to accounting for some of the most significant transactions of public sector entities

Accounting / Navigating IFRS: judgments and estimates under IAS 1 – part 1

In our new series on IFRS, Glynnis Carthy CA(SA), technical writer at Croner-i, explains the importance of reporting accurate disclosures and their material impact in IAS 1 Presentation of Financial Statements

Accounting / Bank of England to adjust bank stress tests for IFRS 9

The Bank of England is looking to adjust its stress tests for banks, following the introduction of IFRS 9 expected credit loss accounting (ECL), which has led to impairment losses being recognised earlier than previously

Accounting / The jeopardy of software licences under IFRS 16

Robin Fry, director of Cerno, outlines the hidden risks when reporting software licence liabilities under IFRS 16 Leases, from right-of-use considerations, to assets versus liabilities and accounting for under-licensing charges

Accounting / International reporting: current or non-current liabilities

2020 will see differences in regulatory and financial reporting requirements emerge, as IFRS 9 crosses paths with Basel III and the European single electronic format, explains Jeroen Van Doorsselaere

Accounting / IASB amends IAS 1 to clarify debt classification

The International Accounting Standards Board (IASB) has issued limited amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current, to promote greater consistency

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 / Regulators update disclosure guidance for IFRS 9

The joint FCA/FRC regulatory taskforce on disclosures on expected credit losses (DECL) has overhauled the guidance on best practice reporting requirements under IFRS 9 Financial Instruments

Accounting / Brydon review will see audit remit extended to fraud

A major overhaul of audit following the Brydon report will see the creation of a separate corporate auditing profession, greater focus on fraud detection during audits, and the replacement of the ‘true and fair’ concept

Accounting / FRC proposes disclosure changes to FRS 101

The Financial Reporting Council (FRC) is consulting on two minor amendments to FRS 101 Reduced Disclosure Framework, identified as part of its annual review of the standard

Accounting / Marshall: transition disclosures under IFRS 16 Leases

As the first full year reporting deadline for IFRS 16 Leases approaches, Andrew Marshall FCA, senior technical partner at KPMG, sets out the key issues to consider when finalising accounts

Accounting / FRC reporting reviews to focus on high risk sectors

The Financial Reporting Council (FRC) has set out plans to review the impact of the latest lease accounting and revenue recognition IFRS standards as part of its 2020/21 thematic reviews
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