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Finance | Haddrill: policing the auditors post-ARD implementation

With the new EU Audit Regulations and Directive (ARD) rules now in force, the Financial Reporting Council (FRC) is taking on a much broader oversight role as the competent authority, with responsibility for inspecting up to 50 firms a year, explains Stephen Haddrill, FRC chief executive

29 Jun 2016

Corporate Governance

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Tax | Bill Dodwell: disentangling tax system from EU

The UK’s vote to leave the EU will see the restructuring of thousands of pages of tax law, Bill Dodwell, Deloitte senior partner examines how it could happen

29 Jun 2016

International Tax

Image for government efforts cut business regulation failing nao says

| Government efforts to cut business regulation failing, NAO says

The government is failing to cut the true cost of regulation, because its £10bn target is too narrowly defined and it does not have a clear overall picture of the costs business face, according to the National Audit Office (NAO)

29 Jun 2016

Accountancy Firms

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Business | Disclosure rules fail to curb CEO pay hikes

The first year of new UK disclosure rules did not curb CEO pay or enhance the link between CEO pay and performance at FTSE 100 companies, but rather saw companies opting to ‘cherry pick’ information which would enhance their reputation, according to recent academic research

29 Jun 2016

Accountancy Firms

Leadership & Management

Image for store twenty one attempts avoid administration

Business | Store Twenty One attempts to avoid administration

Budget fashion retailer, Store Twenty One, has announced plans to avoid administration as 1,000 people could face job losses

29 Jun 2016

Restructuring & Insolvency

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Finance | IASB consulting on amendments to IFRS 3 and IFRS 11

The International Accounting Standards Board (IASB) is consulting on narrow-scope amendments to IFRS 3 Business Combinations and IFRS 11 Joint Arrangements, designed to clarify the definition of a business and how to account for previously held interests

29 Jun 2016

Accounting Standards

Image for three men arrested hmrc investigation suspected ps300m tax fraud

Business | Three men arrested by HMRC in investigation into suspected £300m tax fraud

Three men have been arrested as part of a HMRC investigation into a suspected attempt to claim £300m in research and development tax credits

29 Jun 2016

Called to Account

Image for frc sector report shows audit fee income steady

| FRC sector report shows audit fee income steady

The Big Four firms alone saw increases in fee income last year across all categories, compared to their smaller rivals, but for all firms audit fees remained a steady proportion of all fees according to the latest report on the sector by the Financial Reporting Council (FRC)

29 Jun 2016

28 Jun 2016

Image for nunn halford case highlights downside digital tax accounts

Tax | Nunn: Halford case highlights downside of digital tax accounts

The rapid move to digital tax accounts means that HMRC must improve the quality of its online messaging to ensure that the unfortunate case of Mr Halford (TC5048) does not become commonplace, warns Yvette Nunn, director of Berkeley Associates

28 Jun 2016

Making Tax Digital

Image for friends earth fails ps1m vat refund bid

Tax | Friends of the Earth fails in £1m VAT refund bid

The environmental charity Friends of the Earth (FoE) has lost a bid to reclaim £1m in VAT related to street fundraising costs, after a First Tier Tribunal (FTT) ruled that money given by supporters as a result of this activity amounted to a donation, rather than a payment for the supply of benefits which included a glossy magazine

28 Jun 2016

Image for hmrc guidance publishing large business tax strategy

Tax | HMRC guidance on publishing large business tax strategy

HMRC has published guidance on new rules requiring large businesses to publish their tax strategy, outlining what information should be included, when it should be published, and the penalties for failing to comply

28 Jun 2016

Law and Regulation

Image for frc investigate kpmg over hbos audit

Finance | FRC to investigate KPMG over HBOS audit

The Financial Reporting Council (FRC) has announced it will be holding an investigation under the accountancy scheme into the conduct of KPMG’s audit of HBOS for the year ended 31 December 2007, after coming under severe criticism for failing to take action sooner to examine the Big Four firm’s role in the run up to the bank’s collapse

28 Jun 2016

Corporate Governance

Audit Regulations

Image for frs 102 and small entities accounts tips and pitfalls

Finance | FRS 102 and small entities accounts: tips and pitfalls

Helen Lloyd FCA, senior technical writer at CCH Daily, breaks down the key features of FRS 102 for small entities and provides tips and insights into how to apply the new UK GAAP accounting rules

28 Jun 2016

Image for pwc analysis predicts 20 fold increase sharing economy

Business | PwC analysis predicts 20-fold increase in sharing economy

PwC is predicting a potential 20-fold increase for the UK’s five most prominent ‘sharing economy sectors’, which includes on-demand professional services, resulting in £140bn of transactions by 2025, and says the UK needs to ensure it holds on to its leading position as a platform provider

28 Jun 2016

Accountancy Firms

Image for acca and ca anz form strategic alliance

Business | ACCA and CA ANZ form strategic alliance

The Association of Chartered Certified Accountants (ACCA) and the Chartered Accountants Australia and New Zealand have announced a strategic alliance that will improve reach, relevance and resources for members

28 Jun 2016

Accountancy Firms

Leadership & Management

27 Jun 2016

Image for ifrs 9 governance and management judgment

Finance | IFRS 9: governance and management judgment

With new rules for reporting for banks and financial institutions under IFRS 9 Financial Instruments, Wolters Kluwer global IFRS expert, Jeroen Van Doorsselaere considers expected loss and credit risk assessments

27 Jun 2016

Financial Reporting

Image for ciot uk should not rush exercise new tax freedom

Tax | CIOT: UK should not rush to exercise new tax freedom

The UK must not rush to make wholesale changes following the greater tax flexibility it will be afforded leaving the EU, according to CIOT tax policy director, John Cullinane

27 Jun 2016

Image for uks eu commissioner financial services resigns

Business | UK’s EU commissioner for financial services resigns

Jonathan Hill, the UK’s EU commissioner in charge of financial services, has announced he is to stand down following the UK’s referendum on continued EU membership, which resulted in a vote to leave

27 Jun 2016

Image for osborne rules out immediate emergency budget

Tax | Osborne rules out immediate emergency budget

Chancellor George Osborne has made his first public announcement since the UK’s referendum on leaving the EU, seeking to reassure the markets as a snap poll by the Institute of Directors (IOD) found that two thirds of members regard the result as negative for their business

27 Jun 2016

Image for frc look pwc audit bhs

| FRC to look at PwC audit of BHS

The Financial Reporting Council (FRC) is to investigate PwC over its auditing of BHS for the 2014 financial year, following on from criticism of the firm’s actions in signing the retailer’s accounts off as a ‘going concern’ from the select committee investigating the company’s collapse and its pension deficit

27 Jun 2016

Restructuring & Insolvency

Image for little wing film scheme fraudsters land jail

Business | Little Wing film scheme fraudsters land in jail

An accountant has been jailed for nine years, along with two financial advisors who each also received nine year sentences, for their part in a £100m fraud based on a tax avoidance scheme which sought to exploit film reliefs

27 Jun 2016

Called to Account

Image for failure declare ps170k earns jail sentence

Business | Failure to declare £170k earns jail sentence

An IT consultant from Sussex who lied about his earnings to avoid paying tax of more than £170,000 has been jailed after an HMRC investigation found he had failed to declare his earnings

27 Jun 2016

Called to Account

Image for pwc takes audit role next ey

| PwC takes on audit role at Next from EY

PwC has picked up the role of external auditor to high street retailer Next, which has announced that changes in the regulations around audit rotation mean it is ending a relationship of more than 20 years with EY

27 Jun 2016

Leadership & Management

Image for ifrs foundation updates handbook include ifrs taxonomy

Finance | IFRS Foundation updates handbook to include IFRS Taxonomy

An updated version of the Due Process Handbook has been published by the trustees of the IFRS Foundation to include the development and maintenance of the IFRS Taxonomy, including giving the International Accounting Standards Board (IASB) a role in the review and approval

27 Jun 2016

Accounting Standards