Business &amp; Accountancy Daily

Pensions

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Finance | Company forced to reinstate financials due to impact of IFRS 9 and IFRS 15

Technology company, Aspocomp, has had to adjust its 2018 opening statement of financial position due to the adoption of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers, with €1m being added to the company’s net sales for 2017

19 Apr 2018

Finance | IESBA consults on 2019-2023 strategy and work plan

The International Ethics Standards Board for Accountants (IESBA) is consulting on its proposed strategy and work plan covering the next five years, which will see the regulator leverage its completely rewritten and enhanced code of ethics

19 Apr 2018

Tax | Updated directors’ loan accounts agent toolkit available

HMRC has published the directors’ loan accounts agent toolkit for 2017-18, which is aimed at helping and supporting tax agents and advisers by providing guidance on errors that commonly occur in relation to directors’ loan accounts

19 Apr 2018

Business | Retail sector profit warnings hit seven-year high

UK quoted companies issued 73 profit warnings in Q1 2018, two fewer than the same quarter of 2017 and 10% less than the previous quarter, but warnings from the beleaguered retail sector hitting a seven-year high, according to research by EY which says companies need to adapt to a new economy to survive

19 Apr 2018

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Tax | HMRC updates tax-free inherited imports appeals guidance

HMRC has issued an update to the notice explaining how to import inherited goods into the UK free of duty and VAT, with changes to the section detailing what to do if an individual does not agree with a HMRC decision

19 Apr 2018

Business | High Court judgment shines light on shadow directors

The High Court has handed down judgment in a complex case involving the role of the former directors and their professional advisers in a company called Instant Access Properties Ltd (IAP), which has shed light on the issues of what fiduciary duties are owed by shadow directors

19 Apr 2018

Tax | HMRC publishes guidance on online security vulnerabilities

HMRC has published guidance alerting taxpayers to what they should do if they identify a security vulnerability in an HMRC online service

19 Apr 2018

Tax

HMRC

Technology

18 Apr 2018

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Tax | VAT: issues of single and multiple supply

Stanley Dencher, senior technical writer at Croner-i, examines various recent tax cases where questions have arisen over whether a deal should be treated as single supply or multiple supply for VAT

18 Apr 2018

Tax | HMRC in pensions website advice blunder

HMRC has been forced to temporarily remove an online calculator which gave incorrect information about annual pension allowances, following complaints from Royal London

18 Apr 2018

Tax | IRS payment site crashes on tax deadline day

The Internal Revenue Service (IRS) has had to give US taxpayers an extra day to file their taxes after its payment site crashed on the 17 April deadline day

18 Apr 2018

Tax

International Tax

Technology

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Finance | Company directors liable for failing to report on climate risk

Companies directors could be held personally liable for failing to assess, manage and report climate risk, where it poses a foreseeable and material financial risk to the company, according to research from Commonwealth Climate and Law Initiative (CCLI)

18 Apr 2018

Business | EY signs global tax deal with AIG

EY has announced a global tax compliance and technology operating agreement with financial services and insurance multinational AIG that involves a combination of managed tax services and the transfer of select AIG employees to EY

18 Apr 2018

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Finance | FRC’s Lab to report on implementation impact

The Financial Reporting Council’s (FRC’s) financial reporting lab is carrying out an implementation study on how practice has changed as a result of its work on corporate reporting, and will reveal its findings at its conference in London in June

18 Apr 2018

Finance

Financial Reporting

UK GAAP

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Business | Gender diversity challenge to 10% of FTSE 350

A total of 35 FTSE 350 companies, including 14 in the FTSE 100, have been singled out for their low level of female representation at leadership level and challenged to make changes in an initiative led by the Investment Association (IA) and the Hampton-Alexander Review

18 Apr 2018

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Finance | Call to end 40% flat rate pension relief

The Royal Society of the Arts (RSA) is calling for a new approach to pensions relief to offer more support for lower earners and the self employed, saying that three quarters of workers would be better off if the government introduced a 30% flat rate

18 Apr 2018

Pensions

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Finance | KPMG South Africa banned from public sector audits

KPMG South Africa faces further crisis after the auditor general of South Africa (AGSA) announced it is to terminate, with immediate effect, all the firm’s public sector auditing contracts over concerns about potential reputational damage

18 Apr 2018

Auditing

Corporate Governance

17 Apr 2018

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Finance | Government questions independence of audit regulator

The government has launched an independent root and branch review of the Financial Reporting Council (FRC), with the aim of putting the regulator and the UK at the forefront of corporate governance internationally

17 Apr 2018

Auditing

Corporate Governance

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Tax | Q&A: transfer of property income to spouse

Croner Taxwise tax adviser Alexandra Fielding examines the tax implications of giving income from investment property to a spouse

17 Apr 2018

Business | 15 major retailers in CVA or administration in 12 months

Fifteen major retailers or restaurant groups have gone into company voluntary arrangements (CVA) or administration in the twelve months since the April 2017 business rates revaluation according to Colliers International, which is calling for further reforms to the system

17 Apr 2018

Restructuring & Insolvency

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Finance | Revenue recognition changes see profits drop 17% at GE

US industrial conglomerate General Electric (GE) has restated earnings for 2016 and 2017 to reflect new accounting standards, reducing reported profits by 17% and disclosing a new tax charge of $1.2bn (£97m)

17 Apr 2018

Finance

Accounting Standards

Financial Reporting

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Business | Croner-i moves into London headquarters

Croner-i, publishers of Accountancy magazine and providers of information to tax and accounting professionals, has invested in a multi-million pound London headquarters at 240 Blackfriars Road

17 Apr 2018

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Business | Betterware joins Kleeneze in administration

Gareth Rusling and Claire Dowson of Begbies Traynor have been appointed as joint administrators of Betterware Ltd, the home shopping company which has collapsed with the loss of all 94 jobs at its headquarters in Birmingham

17 Apr 2018

Restructuring & Insolvency

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Business | FRC sets up advisory group to broaden investor engagement

The Financial Reporting Council (FRC) is recruiting participants for a new investor advisory group (IAG), which will provide a regular forum for discussion and feedback on various issues, including the FRC’s strategy and plan, and new policies and standards on governance, stewardship, reporting and audit matters

17 Apr 2018