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Accounting updates: September 2014

In our monthly round-up of technical accounting news, the Financial Reporting Council calls for less clutter and more concise annual reports, plans for new rules on reporting corporate tax debt under FRS 102, the IASB and FASB failure to agree over key approaches for new lease accounting standard and the Charity Commission warning on reporting net current liabilities

Draft law on taxing corporate debt under new UK GAAP out for consultation

HMRC has published draft legislation and accompanying documents on modernising the corporation tax rules governing the taxation of corporate debt and derivative contracts.

The aim of these rules, outlined in three sets of amending regulations, is to ease the impact of the accountancy changes that become mandatory for many companies from 1 January 2015.

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