Accounting updates: September 2015

In the roundup of the latest accounting developments, Quindell faces SFO investigation into accounting irregularities, Kids Company audit report highlights cashflow issues and ban on invoice assignment clauses opens up invoice finance options for SMEs, while IASB delays IFRS 10 amendments on joint venture reporting

Quindell accounting under scrutiny by SFO and FRC

Troubled insurance technology and claims management group Quindell is facing a Serious Fraud Office (SFO) criminal investigation into its business and accounting practices, along with a Financial Reporting Council (FRC) probe into the actions of its auditors.

This follows the company publishing delayed annual accounts for the year ended 31 December 2014 showing losses of some £374m in 2014 and significant restatements for past results.

Last month, the Financial Conduct Authority (FCA) dropped its investigation into the company over public statements made in its 2013 and 2014 accounts.

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Quindell accounting under scrutiny by SFO and FRC

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