UK GAAP

Accounting | IAS 37 and contingency reporting amidst Covid-19

Accounting under IAS 37, Provisions, Contingent Liabilities and Contingent Assets will have to consider the impact of covid-19 when preparing accounts, explain Steve Collings FCCA and Rachel Farris FCA, accounting and audit writer, Croner-i

30 Jun 2021

Accounting

Accounting standards

Financial reporting

UK GAAP

Accounting | FRC extends application period for accounting for Covid-19 related rent concessions

The Financial Reporting Council (FRC) has issued amendments to FRS 102 and FRS 105 – Covid-19-related rent concessions beyond 30 June 2021

10 Jun 2021

Accounting | Preparing financial statements under FRS 102 and FRS 105

Steve Collings FMAAT FCCA examines the overall objective of financial statements, the basis on which they must be prepared and the measurement bases that can be used, including when offsetting is acceptable in FRS 102 and FRS 105

2 Jun 2021

Accounting

Financial reporting

UK GAAP

Accounting | FRS 102 & 105: Property, plant and equipment - CPD module

In this month's exclusive Accountancy Daily CPD module, we focus on the accounting treatment of property, plant and equipment under FRS 102 and FRS 105

2 Jun 2021

Accounting | FRC issues minor amends to FRS 101

The Financial Reporting Council (FRC) has issued minor amendments to FRS 101 – 2020/21 cycle, which brings to a close the 2020/21 annual review of FRS 101 Reduced Disclosure Framework

24 May 2021

Accounting

Accounting standards

UK GAAP

Accounting | FRC proposes extending Covid-19 related rent concessions

The Financial Reporting Council (FRC) has issued an exposure draft that proposes to extend the application period of requirements that cover the accounting treatment of temporary rent concessions occurring as a direct consequence of the Covid-19 pandemic by one year

21 Apr 2021

Accounting

UK GAAP

Consultations

Accounting | FRS 102: Covid-19 considerations for provisions and contingencies

Steve Collings FMAAT FCCA considers the implications of Covid-19 on accounting for provisions and contingencies under FRS 102 and FRS 105

14 Apr 2021

Accounting | FRC kicks off review of FRS 102 accounting rules

The Financial Reporting Council (FRC) is calling for views on potential changes and improvements to the UK’s main accounting framework under FRS 102 to take into account the latest reporting issues

25 Mar 2021

Accounting

UK GAAP

Consultations

Accounting | FRC/FCA advice for companies and auditors of financial accounts

The Financial Reporting Council (FRC) and the Financial Conduct Authority (FCA) have published updated guidance for companies and auditors to ensure high quality financial information continues to flow to users to support decision-making

27 Jan 2021

Accounting

Financial reporting

UK GAAP

Accounting | UK standards Endorsement Board starts work

The UK Endorsement Board (UKEB), the body tasked with endorsing and adopting international accounting standards now that the UK has left the EU, has officially launched

7 Jan 2021

Accounting | Accounting updates: 2020 highlights

In a round-up of the biggest accounting stories of the year, we look at accounting and disclosure errors, financial and non-financial reporting standard reviews, Brexit transition planning and FRC warning on cashflow errors

22 Dec 2020

Accounting | International reporting: climate disclosures and ESG reporting

Jeroen Van Doorsselaere considers environmental, social and governance (ESG) in financial statements and the importance of disclosure accuracy when reporting climate-related matters

21 Dec 2020

Accounting | WPP and Deloitte find accounting standards errors

WPP, the world’s biggest advertising group, is to restate its financial statements from 2017 to 2019, after discovering its most recently reported statutory losses were under-stated by £301m

16 Dec 2020

Accounting | IASB reviews group accounting standards

The International Accounting Standards Board (IASB) is seeking feedback on three IFRS standards for group accounting, in order to assess their usefulness to users of financial statements, the ease of implementation and any unexpected costs of application

10 Dec 2020

Accounting | BEIS consults on major Companies House overhaul

The Department for Business, Energy and Industrial Strategy (BEIS) has launched three consultations on reforms to Companies House, designed to improve the integrity of the information available about companies and strengthen its ability to tackle fraud

10 Dec 2020

Accounting | IFRS 17: amendments to accounting insurance standard problematic

Recent tweaks to IFRS 17 Insurance Contracts have provided some much needed clarity, but there is still room for interpretation and a financial hit when insurance companies first adopt the accounting standard in 2023, warn Michael Winkler and Sunil Kansal FCA of Shasat Consulting

8 Dec 2020