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Image for house sales plunge april following tax changes

Tax | House sales plunge in April following tax changes

There was a substantial  drop in seasonally-adjusted residential property transactions between March and April this year according to the latest HMRC figures, with analysis suggesting the 45.2% decline in the number of houses sold was down to purchasers rushing to beat the introduction of the higher rates of stamp duty land tax (SDLT) on additional properties, which came into effect in April 2016
24 May 2016

23 May 2016

Image for ifrs foundation reports ps1m drop income after challenging year

Finance | IFRS Foundation reports £1m drop in income after ‘challenging’ year

The IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), has released its annual report for 2015, described as a ‘challenging year’ with falling income following a big drop in the US contribution and growing criticism over governance, although the finalisation of the lease accounting standard was a sign of some progress on convergence
23 May 2016

20 May 2016

Image for aqi 2016 frc audit inspection reports flag revenue recognition problematic

Finance | AQI 2016: FRC audit inspection reports flag revenue recognition as problematic

Poor reporting of revenue recognition and problematic interpretations and analysis of complex supplier arrangements in the retail sector are the biggest problems highlighted in the latest audit inspection reports into the Big Four and mid-tier audit firms, released by the Financial Reporting Council. Sara White talks to executive director for audit Melanie McLaren about the regulator’s take on the latest batch of inspection reports
20 May 2016
Image for aqi 2016 ey must tighten audit revenue recognition and partner independence

Finance | AQI 2016: EY must tighten up audit of revenue recognition and partner independence

Failings in the quality of risk assessment into revenue recognition issues and reporting lapses over potential conflicts of interest and partner independence continue to be an issue at EY although the firm has improved its overall quality of audit in this year’s Audit Quality Inspection (AQI) report from the Financial Reporting Council (FRC)
20 May 2016
Image for aqi 2016 gt improving could do better audit quality monitoring arrangements

Finance | AQI 2016: GT improving but could do better on audit quality monitoring arrangements

The quality of Grant Thornton’s (GT) audits is judged to have risen, but the firm still needs to do more to improve its audit quality monitoring arrangements, particularly with regard to some ethical and independence issues, according to the latest Audit Quality Inspection (AQI) report from the Financial Reporting Council (FRC), which is the first in three years where no GT audits were assessed as requiring significant improvement
20 May 2016
Image for aqi 2016 deloitte told challenge management and improve pension scheme audits

Finance | AQI 2016: Deloitte told to challenge management and improve pension scheme audits

Deloitte has been slow to challenge management in critical areas of judgment during audits according to the latest Audit Quality Inspection (AQI) from the Financial Reporting Council (FRC), which also identified weaknesses in the firm’s auditing of defined benefit pension schemes, and says it needs to improve its audit approach in the areas of revenue and inventory and its communications with audit committees
20 May 2016

19 May 2016

Image for two thirds small businesses tied red tape

Business | Two thirds of small businesses tied up in red tape

Over half of smaller business owners (55%) say their company’s growth is being held back by the amount of time they have to dedicate to business administration, according to research from the Federation of Small Businesses (FSB), which also shows small companies spend an average of £3,600 on help and advice with tax compliance. 
19 May 2016
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