Law and regulation

Accounting / Businesses lose £682m through fraud

Businesses are being urged to do more to protect themselves from fraud, after Action Fraud figures show reported losses reached £682m last year

Accounting / CIPFA clarifies rules on local authority property investments

The Chartered Institute of Public Finance and Accountancy (CIPFA) has issued guidance outlining reporting requirements for investments in property by local authorities to increase accountability

Accounting / US part delays credit loss and lease accounting standards

The US Financial Accounting Standards Board (FASB) plans to defer certain effective dates for upcoming accounting standards on current expected credit losses (CECL), leases, hedging and long-duration insurance contracts

Accounting / Dividends and distributable profits: part 5

In the fifth in our dividends series, Croner-i tax and accounting writer David Duvall FCA looks in detail at issues relating to realised profits and losses

Accounting / College accounts direction updated for 2018-19

The Education and Skills Funding Agency (ESFA) has issued the 2018-19 college accounts direction setting out financial reporting requirements for sixth form and further education colleges

Accounting / Legal updates: November 2019

In this month’s legal updates, Sophie Brookes, partner at law firm Gateley plc, considers whether an automatic email signature can act as a real signature, whether the actions of a company’s members were vexatious, and whether legal professional privilege can be lost when a company dissolves

Accounting / CIMA updates accountants' code of ethics

CIMA has revised its code of ethics in response to the challenges of digital businesses and the impact of emerging technologies, effective from 1 January 2020

Accounting / FTSE 100 strengthens reporting on company values

Greater responsiveness to shareholder concerns and climate change worries, along with the impact of Brexit, featured strongly in FTSE 100 annual reports this year, according to analysis from Deloitte

Accounting / FRC launches revised ‘green’ UK stewardship code

The Financial Reporting Council (FRC) has published a revised UK Stewardship Code, widening the scope to include pension funds and insurers, and adding new annual reporting requirements

Accounting / Lack of consistency on climate change reporting worries investors

The quality of reporting on climate-related issues is falling short of investors’ expectations with a lack of consistent comparative data and analysis, while materiality issues are frequently ignored

Accounting / Will MTD improve accuracy of farm accounts?

Keeping rigorous farm accounts and ensuring that land ownership is totally clear in partnership agreements is paramount. Julie Butler FCA and Lucinda Knighton ACA explain the importance of rigorous financial accounting and the impact of Making Tax Digital for VAT

Accounting / Companies handed 223k penalties for late filing accounts

Thousands of penalties for late filing of company accounts were handed out in 2018 with more than 25,000 companies missing the 30 September deadline

Accounting / Charity Commission updates rules on trustee transparency

As the annual return deadline approaches, the Charity Commission is warning charities to ensure that they are up to speed with the latest transparency rules on trustees before filing accounts

Accounting / Legal updates: September 2019

In this month’s legal updates, Sophie Brookes, partner at law firm Gateley plc, considers whether granting an indemnity is a substantial property transaction, the powers of a general meeting chair and whether an unenforceable restrictive covenant could be severed

Accounting / Directors’ duties when trading through insolvency

Suzanne Jones, partner at Seddons, examines the consequences for directors working in the 'twilight zone' when companies are teetering on the edge of insolvency and what they need to consider if they continue to trade