Law and regulation

Accounting / Transition tips: preparing for IFRS 17 Insurance Contracts

Sweeping changes to accounting for insurance contracts are set to come into effect from 2022 under IFRS 17. Mark Miller, IFRS global lead at Legerity, sets out key steps to start the compliance process, highlighting potential pitfalls and the use of cloud options to avoid a 'rip-and-replace' approach 

Accounting / Tesco and RBS financial reporting hit by IFRS 16 Leases

Tesco is the latest company to flag up the negative impact of the latest IFRS 16 lease accounting standard on its balance sheet, with a projected £101m drop in profit before tax, while Royal Bank of Scotland results also hinted at the cost of future implementation

Accounting / Government passes SI to ensure accounting compliance post Brexit

Legislation to protect post Brexit filing exemptions for companies and limited liability partnerships (LLPs) under accounting rules have now been passed via a statutory instrument, SI 2019 No. 145, to ensure compliance with the Companies Act 2006

Accounting / Triennial review: FRS 102 (2018) and intangible assets – part 1

In the first of a four-part series on FRS 102 (2018), Michelle Roberts ACA, senior technical writer, audit & accounting at Croner-i, examines the simplifications to reporting intangible assets under revised UK GAAP accounting rules introduced as a result of the standard setter’s triennial review

Accounting / Deloitte identifies ‘discrepancies’ in Swiss mining company accounts

Ferrexpo, a Swiss headquartered iron ore company with assets in Ukraine, is to conduct a review of its accounts after auditor Deloitte identified ‘discrepancies’ in bank statements relating to contributions to a charitable foundation

Accounting / International reporting: IFRS 17 and risk management top agenda

As the IASB continues to roll out IFRS standards and sets out plans to consult on dynamic risk management, Jeroen van Doorsselaere, VP at Wolters Kluwer Financial Series says the continuing regulatory onslaught calls for an integrated approach to finance and risk

Accounting / Legal updates: February 2019

In this month's legal updates, Sophie Brookes at law firm Gateley plc explains proposed changes to limited partnership law, the difference between guarantees and indemnities, and an invalid power of attorney can cause a guarantee to fail

Accounting / Former Tesco FD cleared in £250m accounting fraud

Carl Rogberg, the former UK finance director at Tesco, has been cleared over a £250m fraud and accounting scandal at the grocery retailer, after the Serious Fraud Office (SFO) dropped the case against him, having already halted proceedings against two other senior executives

Accounting / EU report on disclosure of climate-related information

The technical expert group on sustainable finance set up by the European Commission in July 2018 has published its first report on companies' disclosure of climate-related information

Accounting / LLP SORP 2018: what it means for limited liability partnerships

The latest version of the LLP SORP 2018, released in December, updates the LLP accounting rules to meet the requirements of the FRS 102 Triennial Review. James Waller, technical writer, audit and accounting at Croner-i, examines the key changes

Accounting / Winton: use and abuse of pre-packs to drop pension liabilities

Anne-Marie Winton, partner at ARC Pensions Law LLP, examines the pre-pack administration of publisher Johnston Press, which involved the abandoning of £109m in pension liabilities, and asks whether regulators should have greater control of this practice 

Accounting / Rahman: decision to close Rolls-Royce investigation puts pressure on SFO

Is the Serious Fraud Office’s (SFO) decision to scale down its investigation into Rolls-Royce a well-informed move or a sign of panic? Aziz Rahman, senior partner at Rahman Ravelli, considers the SFO’s position

Accounting / Accounting updates: January 2019

In this month’s roundup of accounting and reporting developments, IFRS 16 Leases effective date hits balance sheet, SEC fines Hertz Global $16m over accounting misstatement, crackdown on abuse of Scottish partnerships for money laundering

Accounting / Chapman: making sense of new Strategic Report requirements

Company reporters need to be ready for mandatory changes to the Strategic Report and the enhanced s172 Companies Act 2006 statement on directors’ duties from January 2019, explains Matt Chapman, better business reporting leader, KPMG

Accounting / SEC fines Hertz Global $16m over accounting misstatement

Hertz Global Holdings has agreed to pay a $16m fine, set by the Securities and Exchange Commission (SEC), to settle a case over accounting misstatement which saw the company reduce its previously reported pre-tax income by $235m
Subscribe