Law and regulation

Accounting / IFRS chair endorses EU fitness check on standards

In his first speech as chairman of the IFRS foundation trustees, Erkki Liikanen has welcomed the outcome of the EU ‘fitness check’ on IFRS standards, and the emphasis on not requesting ‘carve outs’ from International Accounting Standards Board (IASB) requirements

Accounting / Accounting updates: December 2018

In this month’s roundup of accounting and reporting developments, Companies Act 2006 amended for post-Brexit scenario, profit warning at Yü Group, Housing SORP 2018 issued, IFRS 17 Insurance Contracts delayed and poor quality disclosure reporting at smaller listed entities

Accounting / Legal updates: December 2018

In this month's legal updates, experts at law firm Gateley plc explain revised guidance for company directors under amendments to s172 duty of Companies Act 2006, employer liability for data breach by disgruntled employee in Morrisons, oligarchs battle over right of first refusal in United Co Rusal plc and extending personal liability in whistleblowing claims

Accounting / Gambling Commission gets tough on money laundering

The gambling regulator has taken action, including imposing nearly £14m in penalties, against online casino companies and their senior management, as part of an ongoing investigation into the way the industry combats money laundering and problem gambling

Accounting / International reporting: IASB still has much to do

As 2018 draws to a close, Jeroen Van Doorsselaere discusses the long-term plans of the International Accounting Standards Board (IASB), the work it is doing on materiality, and its collaboration with other boards to develop a global common set of standards

Accounting / Samsung BioLogics accused of accounting violations

South Korea’s financial services regulator has ruled that Samsung BioLogics, the biotech drug arm of Samsung Group, the country’s biggest family-run conglomerate, ‘intentionally violated accounting rules’ and has imposed sanctions on its auditors

Accounting / Government amends accounting rules in Companies Act for post-Brexit

The government has issued draft legislation to amend the filing exemptions for companies and limited liability partnerships (LLPs) ahead of the UK leaving the EU, but refers to 'exit day'

Accounting / Governments shift towards accrual basis reporting

Nearly two thirds of governments will report on an accrual basis by 2023, compared to the 25% of governments that do so now, according to the latest research from the International Federation of Accountants (IFAC) and CIPFA

Accounting / IASB clarifies definition of ‘material’

The International Accounting Standards Board (IASB) has issued amendments to its definition of material to make it easier for companies to make materiality judgements, saying some companies experienced difficulties using the old definition

Accounting / Legal updates: November 2018

In this month's legal updates, experts at law firm Gateley plc on why the takeover panel opted for a rare sealed bid option in the takeover of Sky plc to settle competing bids

Accounting / SEC ramps up probe into General Electric accounting

US industrial conglomerate General Electric (GE) is facing further investigation into its accounting practices by the Securities and Exchange Commission (SEC), this time relating to a $22bn (£17bn) write-down from the company’s power business, it has revealed

Accounting / FRC and BEIS to set up IFRS endorsement board

The Financial Reporting Council (FRC) is working with the Department for Business, Energy and Industrial Strategy (BEIS) to create a board responsible for endorsing new and revised IFRS reporting standards following Brexit

Accounting / Housing SORP 2018 updated to reflect FRS 102 amendments

The National Housing Federation has updated the Housing SORP following recent amendments to financial reporting standards under FRS 102

Accounting / LLP accounting: small and micro LLPs - part 4

In the fourth of our series on accounting for limited liability partnerships (LLPs), Iain Storey of Price Bailey explores the accounting requirements for partnerships that meet the requirements to be classed as small or micro

Accounting / Regulatory compliance in the run-up to Brexit: issues for FDs

Alex Wolff, senior vice president of strategy at Kyriba gives a snapshot of the significant regulatory compliance and accounting changes affecting UK finance directors and treasury teams from IFRS 16 to GDPR penalties and MiFiD II