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Finance | Forecasting after Brexit: asset impairment

Post-Brexit, companies need to review the robustness of their forecasts and the extent and value of their asset impairment under IAS 36, advises PwC accounting consulting services partner Peter Hogarth

21 Sep 2016

Finance

Financial Reporting

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Tax | Clean capital: non doms targeted by government through tax reforms

Non doms remain a target for the government despite plans to introduce a grace period for new registrants, says Ray McCann, partner, Joseph Hage Aaronson LLP

21 Sep 2016

Tax | Yorkshire Building Society: sellers should pay stamp duty

The Yorkshire Building Society is calling on the government to consider fundamentally changing the operation of stamp duty in a bid to help first-time buyers

21 Sep 2016

Tax | HMRC updates list of phishing risks

HMRC has made numerous amendments to its guidance on how to recognise genuine contacts from HMRC and the steps individuals should take to avoid being scammed by phishing emails from fraudsters

21 Sep 2016

Tax

Personal Tax

HMRC

Tax | MPs call for HMRC to consider delaying MTD launch

The Treasury select committee is pressing for HMRC to consider delaying the introduction of Making Tax Digital (MTD), arguing there is insufficient time to respond to the recent swathe of consultation documents and that key issues still need to be addressed

21 Sep 2016

| IAASB reviews use of data analytics in audit

The International Auditing and Assurance Standards Board (IAASB) has issued a consultation on the use of data analytics in the audit of financial statements

21 Sep 2016

Auditing

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Tax | Updated guidance on paying statutory sick pay

HMRC has updated its guidance on the circumstances affecting payment of statutory sick pay (SSP) to cover situations where an employee is taken into legal custody

21 Sep 2016

Tax | Ex-BHS owner has HMRC tax debt

Dominic Chappell, the former owner of BHS at the time of the retailer’s collapse, is said to owe more than £500,000 to HMRC which has begun legal proceedings against him

21 Sep 2016

Finance | FTSE 350 annual reporting 'plateau’, EY finds

The quality of FTSE 350 annual reports seems to have reached a plateau in many areas, according to new analysis by EY which suggests there have been only ‘fractional’ improvements in the quality of some key disclosures

21 Sep 2016

Finance | Charity Commission warning on ‘head-in-sand’ approach to financial problems

The Charity Commission has published the findings of two reports on addressing financial difficulties within the charity sector as part of a push to encourage trustees and senior staff to tackle problems early, in the wake of the sudden closure of some high profile charities which experienced problems

21 Sep 2016

Business

Charities

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Tax | OECD webcast on multilateral instrument for tax treaties

The OECD is holding a webcast on 22 September to update tax professionals on plans for the multilateral instrument for tax treaties, a key element of the Base Erosion and Profit Shifting (BEPS) project

21 Sep 2016

Tax

International Tax

Tax Planning

20 Sep 2016

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Finance | Animal rescue charity investigated over accounting failings

The Charity Commission has opened a statutory inquiry into Action Aid for Animals, which operates in Croatia and Romania, over concerns about the charity’s governance and financial management

20 Sep 2016

Business

Charities

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Finance | FASB consults on additional corrections to revenue from contracts standard

The US Financial Accounting Standards Board (FASB) has issued a limited number of technical corrections and improvements to its previously released update on the proposed new standard for Revenue from Contracts with Customers, which it is consulting on ahead of the eventual release of the final standard

20 Sep 2016

Finance

Accounting Standards

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Business | Moore Stephens reports 14% growth following merger

Following last year’s merger with Chantrey Vellacott DFK, Moore Stephens LLP, the firm’s London partnership, has announced revenues of £105.5m, representing 14% growth on the previous combined year’s figures and over £13m of new business

20 Sep 2016

Business

Accountancy Firms

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Tax | EU investigates Luxembourg tax deal with French power company

The European Commission has opened an in-depth investigation into Luxembourg's tax treatment of the French electric utility company GDF Suez (now known as Engie) amid concerns it may have been given an unfair advantage over other companies, in breach of EU state aid rules

20 Sep 2016

Tax | Technical consultation on apprenticeship levy regulations

HMRC has launched a two month technical consultation on the first set of draft regulations for the apprenticeship levy, due to be introduced in April 2017, with more information to follow later in the year

20 Sep 2016

Finance | EY fined $9.3m over US partners’ ‘too close’ client relationships

EY has agreed to pay $9.3m (£7m) to settle charges that two of the firm’s audit partners got too close to their clients on a personal level and violated the rules regarding objectivity and impartiality during audits, the first time the US regulator has taken enforcement action over personal relationships compromising the independence of an audit

20 Sep 2016

Auditing

Corporate Governance

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Business | Bosses of male stripping group jailed for £350k tax and benefit fraud

The founder of a well-known male stripping group, Dreamboys, has been jailed, along with his associate, for a series of tax and benefit frauds totalling more than £350,000

20 Sep 2016

Business

Called to Account

19 Sep 2016

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Finance | FRS 102: pensions and deficit disclosures

David Davison, head of public sector, charities and not-for-profit practice, Spence & Partners considers changes to pensions reporting and the negative impact on balance sheets due to deficit disclosure requirements following the introduction of FRS 102 accounting rules

19 Sep 2016

Finance | Charity Commission investigates Wimbledon and Putney commons charity

The Charity Commission has opened a statutory inquiry into Wimbledon and Putney Commons Conservators, a charity which manages land in London, over concerns about a potential financial loss which it claims trustees have yet to address

19 Sep 2016

Business

Charities

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Tax | Nottingham Forest boot winding up order into touch

Nottingham Forest Football Club is set to overturn a sixth winding up order at the Companies Court later today, stating that outstanding debts to HMRC have been settled

19 Sep 2016

Tax

Business Tax

HMRC

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Business | Wine trader served with prison sentence for tax fraud

A businessman who claimed to trade in fine wines and diamonds but instead duped investors, has been sentenced to five and a half years in prison after a HMRC investigation found he had failed to pay £51,000 in income tax and national insurance contributions (NICs) over a six-year period and had defrauded customers of some £300,000

19 Sep 2016

Business

Called to Account

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| FRC analysis of audit deficiencies shows improvements at firms

The Financial Reporting Council (FRC) has published a thematic review on the subject of the root cause analysis (RCA) performed by audit firms relating to unsatisfactory audit inspection findings, which says all those firms inspected are improving but more planning and consistency in processes is required

19 Sep 2016

Auditing

Image for mercer hole expands day smith hunter merger

Business | Mercer & Hole expands with Day, Smith & Hunter merger

Mercer & Hole is to merge with Rickmansworth based accountants, Day, Smith & Hunter (DSH), on 1 October, with the firm gaining three partners

19 Sep 2016

Business

Companies

Careers

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Business | Wilkins Kennedy merges with Day, Smith and Hunter to boost southern presence

Top 20 accountancy firm Wilkins Kennedy is to merge with the Maidstone office of Day, Smith & Hunter (DSH) creating a combined firm with 72 partners and an expected turnover of £47m

19 Sep 2016

Business

Accountancy Firms

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Business | MPs launch corporate governance inquiry

The business, innovation, and skills (BIS) committee has launched an inquiry on corporate governance, focussing on executive pay, directors’ duties, and the composition of boardrooms, including worker representation and gender balance in executive positions

19 Sep 2016

Business

Companies

Accountancy Firms

Leadership & Management

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| PwC Switzerland scores with FIFA audit

World football governing body FIFA, which has been hit by allegations of corruption and financial irregularities, has appointed PwC Switzerland as its statutory auditor following the resignation of previous auditors KPMG three months ago

19 Sep 2016

Auditing

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Latest news

Finance | Forecasting after Brexit: asset impairment

Tax | Clean capital: non doms targeted by government through tax reforms

Tax | Yorkshire Building Society: sellers should pay stamp duty

Tax | HMRC updates list of phishing risks

Tax | MPs call for HMRC to consider delaying MTD launch

| IAASB reviews use of data analytics in audit

Tax | Updated guidance on paying statutory sick pay

Tax | Ex-BHS owner has HMRC tax debt

Finance | FTSE 350 annual reporting 'plateau’, EY finds

Finance | Charity Commission warning on ‘head-in-sand’ approach to financial problems

Tax | OECD webcast on multilateral instrument for tax treaties

Finance | Animal rescue charity investigated over accounting failings

Finance | FASB consults on additional corrections to revenue from contracts standard

Business | Moore Stephens reports 14% growth following merger

Tax | EU investigates Luxembourg tax deal with French power company

Tax | Technical consultation on apprenticeship levy regulations

Finance | EY fined $9.3m over US partners’ ‘too close’ client relationships

Business | Bosses of male stripping group jailed for £350k tax and benefit fraud

Finance | FRS 102: pensions and deficit disclosures

Finance | Charity Commission investigates Wimbledon and Putney commons charity

Tax | Nottingham Forest boot winding up order into touch

Business | Wine trader served with prison sentence for tax fraud

| FRC analysis of audit deficiencies shows improvements at firms

Business | Mercer & Hole expands with Day, Smith & Hunter merger

Business | Wilkins Kennedy merges with Day, Smith and Hunter to boost southern presence

Business | MPs launch corporate governance inquiry

| PwC Switzerland scores with FIFA audit