Business &amp; Accountancy Daily

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Business | Finance Mole: no time for Belgian waffles

A costly legal judgment affecting the year end accounts creates a headache for the unflappable Finance Mole

4 Nov 2016

Business | Number of BAME directors in FTSE 100 stalls at 8%

FTSE boards lack ethnic diversity as only 8% of 1,087 FTSE 100 directors come from a Black Asian Minority Ethnic (BAME) background, although there are plans for each FTSE 100 board to have one BAME director by 2021 and FTSE 250 boards by 2024, according to the Parker Review

4 Nov 2016

Leadership & Management

Careers

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| People in the news: Smith & Williamson, Moore Thompson, Signature

In this week’s moves and appointments roundup, managing partner promotion and senior appointments at Smith & Williamson, Moore Thompson hires an array of staff, CEO appointment at Signature Private Finance

4 Nov 2016

Careers

Image for ciot and att members call mtd exemption match vat threshold

Tax | CIOT and ATT members call for MTD exemption to match VAT threshold

Members of the CIOT and Association of Taxation Technicians have called for the £10,000 exemption from mandatory reporting responsibilities under MTD to rise to match the £83,000 VAT threshold

4 Nov 2016

Tax | Online service allows businesses to submit one VAT return a year

HMRC has launched an online application service for its advance VAT Annual Accounting Scheme which allows taxpayers to submit only one VAT return a year instead of quarterly, which came into force on 3 November

4 Nov 2016

| PwC picks up £1.5m Essentra audit

FTSE 250-listed packaging and cigarette tip business Essentra has appointed PwC as its auditor for the audit of the financial statements for the year ending 31 December 2017 onward

4 Nov 2016

Auditing

Business | The Accountant hits UK cinemas

Warner Brothers Films’ The Accountant, starring Ben Affleck, hits UK cinemas today after its box office success in the US

4 Nov 2016

3 Nov 2016

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Business | BREAKING: Government needs parliamentary approval before triggering Article 50

The High Court has ruled that government does not have the power to trigger Article 50 and begin the process of leaving the European Union without gaining parliamentary approval and a vote from MPs

3 Nov 2016

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Finance | FRS 102: accounting for borrowing costs – tips and advice

In part five of our exclusive new UK GAAP series, Helen Lloyd FCA unravels FRS 102 rules on accounting for borrowing costs under Section 25, highlighting potential pitfalls with the new rules which mark a departure from the old UK GAAP approach

3 Nov 2016

Finance | Marshall: let's keep FRS 102 manageable

Changes to IFRS mean that new UK GAAP is already facing a limited rewrite on revenue, leases and loans, warns Andrew Marshall

3 Nov 2016

Finance

Accounting Standards

UK GAAP

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Business | Pensions Regulator pursues Philip Green over BHS pension deficit

The Pensions Regulator (TPR) has launched enforcement action against Sir Philip Green and other former bosses of BHS over the £571m pension deficit, following the collapse of the retailer in April 2016 after it was sold for £1

3 Nov 2016

Finance | NAO: understanding of state pension poor, despite new regime success

The Department of Work and Pensions’ (DWP) attempts to improve people’s understanding of their state pension have had limited success so far, despite the successful introduction of the new regime

3 Nov 2016

Pensions

Image for capital allowances low emission company cars extended lrr threshold cut

Tax | Capital allowances for low emission company cars extended as LRR threshold cut

The extension of the 100% first year allowance (FYA) for businesses purchasing ultra low emission vehicles is to go ahead but the threshold for lease rental restrictions will be lowered

3 Nov 2016

Finance | FTSE 350 fail to disclose extent of pension liabilities under IAS 19

The level of current pension disclosure in annual reports and accounts under IAS 19 Employee Benefits is inadequate and leaves investors struggling to assess the level of underlying risk, warns Lincoln Pensions

3 Nov 2016

Finance

Financial Reporting

UK GAAP

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Business | Fundraising rules for charities issued to protect public

The Charity Commission has issued two fundraising rules as part of the Charities Act requiring charities to include further information on fundraising practices in their annual reports as well as in written agreements with professional fundraisers, which came into force 1 November

3 Nov 2016

2 Nov 2016

Finance | FTSE 100: Auditors Survey 2016

With a record number of audits in the FTSE 100 switching auditor firms, Philip Smith considers the impact on fee levels, the non audit services (NAS) cap and a slowing volume of tendering activity, as the Big Four audit firms continue to dominate the listed market

2 Nov 2016

Finance | IASB set to focus on insurance IFRS in five-year plan

The International Accounting Standards Board (IASB) has released details of its five-year plan for 2017-21 confirming that the conceptual framework and revised IFRS for insurance contracts will be priorities

2 Nov 2016

Finance | FTSE 100 audit market ‘slowing’ despite 10% growth

The frequency of auditor changes among the FTSE 100 is beginning to slow, according to Big Four advisers taking part in Accountancy’s FTSE 100 Auditors Survey

2 Nov 2016

Tax | Uber and the charge to VAT

An employment tribunal ruled that Uber drivers are to be treated as permanent staff which will result in changes to tax/NIC payments. If acting as principal, Uber faces a VAT bill; if acting as agent, the VAT liability rests with the drivers explains David Wilson, VAT associate director at RSM

2 Nov 2016

Finance | Editor's comment: era of conflict over non audit services

As the FTSE 100 continues to revolve their audit contracts around the Big Four, the 70% cap on non-audit services is creating additional pressure for audit firms as they attempt to clean up their billing and divest of potential areas of conflict. The question for the boards of the major accountants is how the cap will affect future growth, says Sara White, editor of Accountancy

2 Nov 2016

Finance | DfE reviewing consolidated financial reporting on academy schools

The Department for Education (DfE) is set to change the way consolidated financial information for the academy schools sector is reported to parliament although this should have limited effect on the audit process

2 Nov 2016

Auditing

Corporate Governance

Accounting Consultations

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Business | Mid-market M&A deals hold up despite Brexit concerns

The volume of mid-market mergers and acquisition (M&A) activity is set to increase over the next 12 months with concerns about Brexit failing to dent overall confidence levels, according to a survey of global M&A advisers

2 Nov 2016

Leadership & Management

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Business | Failure for 70% of administration cases

Around two thirds of administration cases carried out within the last five years have failed to save the business on a long term basis with only 10% of cases exiting administration and remaining active, according to research form Opus Restructuring

2 Nov 2016

Restructuring & Insolvency

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Business | Shaw Gibbs expands London presence with acquisition

Shaw Gibbs has acquired London-based accountancy firm Cooper Murray allowing it to extend its offering to clients based in the city, further developing its London operation

2 Nov 2016