Consultations

Accounting / EFRAG consults on hedge accounting under IFRS 17

The European Financial Reporting Advisory Group (EFRAG) is running an outreach project to examine potential hedge accounting problems for IFRS reporters as part of its IFRS 17 endorsement project

Accounting / International reporting: financial instrument valuations

Proposed changes to IFRS 9 Financial Instruments over alternative reference rates focus on a smooth transition, while discussions on performance measures show the IASB faces criticism for being too prescriptive, finds Jeroen Van Doorsselaere, vice president of value propositions at Wolters Kluwer Financial Services

Accounting / Accounting updates: June 2019

In this month’s accounting updates, Companies House reporting regime overhaul planned, FRS 102 DB pension amendments, micro entities should adopt simplified accounting under FRS 105,  ACCA deficit grows, Kraft Heinz admits $181m misstatement, anti-money laundering (AML) oversight ramped up and academy schools Accounting Direction revised

Accounting / IASB consults on minor IFRS improvements

The International Accounting Standards Board (IASB) has opened a three-month consultation on proposed narrow-scope amendments to four IFRS standards

Accounting / Companies House regime faces major overhaul

The government is planning major changes to the Companies House working model and approach which, if implemented in full, would amount to the most significant reform of the UK’s company registration framework in over 100 years

Accounting / IASB consults on changes to accounting for interest rate benchmarks

The International Accounting Standards Board (IASB) is consulting on changes to the old and new financial instruments standards, IAS 39 and IFRS 9, in light of the reform of interest rate benchmarks such as interbank offer rates (IBORs)

Accounting / FRC consults on revising standards for investment reporting (SIRs)

The Financial Reporting Council (FRC) is consulting on revisions to the Standards for Investment Reporting (SIRs) in order to meet the new regulatory requirements under the Prospectus Regulations, due to come into force this July

Accounting / Accounting updates: May 2019

In this month’s accounting updates, the PRA calls for greater climate change risk reporting while the IASB says it will not move into sustainability reporting standard setting, PwC reports significant accounting irregularities at Datalex, Garden Bridge Trust is slated, and CIPFA consults on first financial management code

Accounting / Accounting filing deadlines: Jun - Jul 2019

The key accounting deadlines from deadline to comment on the FRC's exposure draft on Proposed ISA (UK) 570 (Revised) Going Concern, filing deadline for the accounts of private companies for periods ending 30 September 2018, and for public companies with periods ending 31 December 2018

Accounting / Financial services must focus on climate change risk reporting

The Prudential Regulation Authority (PRA) says banks and insurers need to do more to manage the financial risks from climate change

Accounting / Consultation on consolidated global banking regulation standards

The Basel Committee on Banking Supervision (BCBS) is consulting on plans for a consolidated version of its global standards for the regulation and supervision of banks, with the aim of making the standards more accessible and promoting their consistent global interpretation and implementation

Accounting / Marshall: proposed amendment to IAS 37 on onerous contracts

The introduction of IFRS 15, the new revenue recognition standard, has resulted in an unexpected interpretation problem concerning partial and full provision of contracts, which requires a review of IAS 37 provisioning rules. Andrew Marshall, senior technical partner at KPMG, examines potential clashes under the current interpretation

Accounting / IAASB seeking views on extended external reporting assurance

The International Auditing and Assurance Standards Board (IAASB) is seeking feedback on progress in developing draft guidance in the first phase of a project to develop guidelines for assurance on extended external reporting (EER)

Accounting / FRC consults on sweeping changes to reporting of intangibles

The Financial Reporting Council (FRC) has launched a major review of the reporting of intangibles at companies as business moves towards a more knowledge-based economy

Accounting / FRC set to amend FRS 102 defined benefit pension rules

The Financial Reporting Council (FRC) is consulting on changes to FRS 102 to improve the accounting regime for defined benefit pensions, as well as amendments to FRS 101 to take into account IFRS 17 Insurance Contracts
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