IFRS

Financial reporting

UK GAAP

Accounting | IFRS 17 insurance standard on the home straight

Michael Winkler, actuary and Sunil Kansal FCA, head of consulting at Shasat Consulting highlight some of the key financial reporting changes as a result of the transition to IFRS 17 Insurance Contracts

30 Aug 2022

Financial reporting

Accounting | IASB needs to focus on completing current IFRS projects

The global accounting standard setter plans to work on completing current improvements to IFRS standards and support the drive for universal sustainability standards as part of five-year plan

2 Aug 2022

Accounting | IASB to release IFRS for SMEs consultation in September

The International Accounting Standards Board (IASB) plans to simplify revenue recognition rules when it issues the consultation on IFRS for SMEs accounting standard

7 Jul 2022

Accounting | Accounting for critical judgments under IAS 1

Critical judgments are frequently raised as an issue by the Financial Reporting Council in its annual Corporate Reporting Reviews as they are not clearly identified or explained. Rachel Farris FCA CTA, Croner-i, summarises the requirements around judgments set out in IAS 1

6 Jul 2022

Accounting | Insurers face compliance issues with IFRS 17 rollout

Insurance companies are facing rising costs to make preparations for the introduction of IFRS 17 Insurance Contracts while 40% of largest companies are not ready for the accounting standard

23 Jun 2022

Accounting | IFRS 17 will hit public sector risk adjustments

The Government Actuary’s Department (GAD) is working with government departments and public sector organisations to clarify the new insurance reporting requirements

10 Jun 2022

Accounting | IFRS 17 Insurance Contracts approved for use in UK

The UK Endorsement Board (UKEB) has approved the adoption of the International Accounting Standards Board’s (IASB) IFRS 17 Insurance Contracts for use by UK companies

17 May 2022

Accounting | UKEB plans intangible assets review

The UK Endorsement Board (UKEB) is undertaking a comprehensive research project to consider how the accounting for, and reporting of, intangible assets could be improved

4 Apr 2022

Consultations

Accounting | IFRS for SME rules on revenue recognition under review

At a meeting of the International Accounting Standards Board (IASB), members of the IFRS for SMEs working group discussed possible simplifications to the accounting rules

30 Mar 2022

Accounting | UKEB searches for expert accounting members

The UK Endorsement Board (UKEB) has launched a campaign to recruit over 50 advisory group members to input into technical decision-making on international accounting standards

9 Mar 2022

Accounting | UKEB sets out regulatory strategy

The UK Endorsement Board (UKEB) has published its 2022/23 Regulatory Strategy for consultation setting out its priorities and research plan

18 Jan 2022

Financial reporting

Accounting | Accounting for share-based payments under IFRS 2

Sarah Baxendale FCA sets out the key considerations for applying IFRS 2 Share-based payment, particularly when determining whether arrangements should be treated as equity-settled or cash-settled

5 Jan 2022

Accounting | Year-end accounts: reporting on Covid and Brexit

Rachel Farris FCA CTA and Sarah Baxendale FCA of Croner-i look at 2021 year-end reminders for those preparing and auditing accounts in the UK, including the impact of Covid and Brexit, and key amendments under IFRS and UK GAAP

24 Dec 2021

Accounting | IASB chair sets out IFRS priorities for 2022

The priorities for IFRS in the next year include projects to review primary financial statements, post-implementation reviews and goodwill and impairment, according to the International Accounting Standards Board (IASB)

13 Dec 2021

Accounting | IASB amends transition rules for IFRS 17 Insurance Contracts

The International Accounting Standards Board (IASB) has issued a narrow-scope amendment to the transition requirements in IFRS 17 Insurance Contracts, providing insurers with an option aimed at improving the usefulness of information to investors on initial application of the new standard

13 Dec 2021