Accounting updates: August 2018

1 Aug 2018

In this month’s roundup of developments in accounting and financial reporting, former RSM Tenon FD faces £60k sanction, PRAG publishes updated SORP for pensions accounting, charity annual returns will have to report international funding sources

Former RSM Tenon FD faces £60k sanction

The Financial Reporting Council (FRC) has excluded ICAEW member Russell McBurnie, the former finance director of RSM Tenon Group, from the accountancy profession for five years and fined him £60,000 after admissions of ‘reckless’ behaviour, in the final stage of its investigation into the firm’s financial statements.

The regulator said McBurnie admitted extensive misconduct in relation to the preparation and approval of the financial statements of RSM Tenon for the year ended 30 June 2011, and nine allegations that his conduct fell significantly short of the standards reasonably to be expected of a member of the ICAEW.