Business &amp; Accountancy Daily

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Finance | FRC withdraws Practice Note on smaller entity documentation

The Financial Reporting Council (FRC) has withdrawn a Practice Note concerning smaller entity documentation, saying that it fails to provide adequate guidance to support high quality audit

25 Jun 2018

Image for tuc and timpsons given fair tax mark

Tax | TUC and Timpsons given Fair Tax Mark

The Trades Union Congress (TUC) and Timpson were both accredited this week with a Fair Tax Mark as research reveals that the public would rather do business with companies and organisations that demonstrate a commitment to paying their fair share of tax

25 Jun 2018

Business | Smith Cooper's turnover hits a record £15m

Smith Cooper, the Midlands-based accountants, today announced a 15% increase in turnover during the 2017-2018 financial year, marking their most successful year on record

25 Jun 2018

Image for house fraser landlords may launch bid scupper cva

Business | House of Fraser landlords may launch bid to scupper CVA

UK retail giant House of Fraser has gained approval from its creditors to enter into a Company Voluntary Arrangement (CVA) which will see the closure of 31 of its 59 department stores and the potential loss of 6,000 jobs

25 Jun 2018

Restructuring & Insolvency

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Business | Ageing SME directors driving down value

A lack of retirement planning is forcing many UK small and medium enterprise (SME) directors to work into their 70s, potentially damaging their company’s value to prospective buyers, according to research from Moore Stephens

25 Jun 2018

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Business | Nomad shortage causing AIM exodus

A shortage of Nominated Advisers (Nomads) is causing an exodus of companies from the Alternative Investment Market (AIM), with 151 companies leaving AIM in the last year, according to UHY Hacker Young

25 Jun 2018

Image for aqis 2018 how major accounting firms performed annual audit inspections

Finance | AQIs 2018: how the major accounting firms performed in annual audit inspections

A summary of FRC's latest AQI reports includes, Big Four firms undermine value of audit, KPMG comes under fire over ‘unacceptable’ audit quality, Deloitte pulled up over component auditor work, EY bank audits criticised as score drops

25 Jun 2018

22 Jun 2018

Image for international reporting planning ifrs 17 insurance contracts

Finance | International reporting: planning for IFRS 17 Insurance Contracts

Jeroen Van Doorsselaere, Wolters Kluwer vice president of risk and finance, on the issues of transitioning to IFRS 17 Insurance Contracts and tardy planning for IFRS 16 Leases

22 Jun 2018

Business | UK aims for top role in green finance post-Brexit

The Chancellor has announced the setting up of a new Green Finance Institute and an industry-led financial services skills taskforce as part of moves to ensure the UK remains a leading finance services sector post-Brexit

22 Jun 2018

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HR | Drop in financial services work experience placements

There has been a drop in the availability of paid work experience opportunities in the finance sector over the past year, although the fall is least marked in the accountancy sector, according to research from online training specialist Theknowledgeacademy.com

22 Jun 2018

Careers

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Tax | OECD updates advice on hard-to-value intangibles

The OECD has released new guidance on the application of the approach to hard-to-value intangibles and the transactional profit split method, which were both developed as part of its base erosion and profit shifting (BEPS) action plan

22 Jun 2018

Finance | Investors seek link between performance metrics reporting and strategy

Investors are calling on companies to reassess how they report their performance metrics, providing clarity about how the measures link with their business strategy, according to a new report from the Financial Reporting Council’s (FRC) Financial Reporting Lab

22 Jun 2018

HR | People in the news: Smith Cooper, RSM, Duff & Phelps

This week's news of professional moves in the sector includes a promotion to senior partner at Smith Cooper, RSM gains two partners, Duff & Phelps appoints a managing partner in its transfer pricing practice

22 Jun 2018

Careers

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Business | Financial services leaders worry about skills shortage

A shortage of talent is becoming a key concern with the financial services sector, with half (49%) of senior leaders citing finding skilled candidates as the biggest worry over the next twelve months, according to research from Robert Half Financial Services

22 Jun 2018

Careers

Image for us supreme court rules taxing remote online sales

Tax | US Supreme Court rules for taxing remote online sales

The US Supreme Court has handed down a ruling that online retailers can be required to collect local sales taxes even in states where they have no physical presence, in a move which is designed to level the playing field with bricks-and-mortar businesses

22 Jun 2018

21 Jun 2018

Image for ir35 private sector hmrc focuses non compliance

Tax | IR35 for the private sector: HMRC focuses on non-compliance

Government plans to extend IR35 rules to private sector companies are predicated on absurdly high levels of non-compliance, warn Mike Herdman, director and Chesney Archer, senior manager at Grant Thornton

21 Jun 2018

Tax | Luxembourg deal meant French company’s tax rate was 0.3%

The European Commission is demanding Luxembourg recover €120m (£105.5m) in unpaid tax after discovering it allowed two companies in a French utilities group to avoid paying taxes on almost all their profits for about a decade, which it says is illegal under EU state aid rules

21 Jun 2018

Finance | Former RSM Tenon FD faces £60k fine

The Financial Reporting Council (FRC) has excluded ICAEW member Russell McBurnie, the former finance director of RSM Tenon Group, from the accountancy profession for five years and fined him £60,000 after admissions of ‘reckless’ behaviour, in the final stage of its investigation into the firm’s financial statements

21 Jun 2018

Finance

Financial Reporting

Law and Regulation

Image for hmrc names interim head legal services

Tax | HMRC names interim head of legal services

HMRC has named David Bunting as its interim general counsel and solicitor after the previous postholder, Gill Aitken, left to take up a new role as registrar at the University of Oxford

21 Jun 2018

Leadership & Management

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Business | Blockchain potentially ‘disruptive’ to corporate reporting

Blockchain technology is not going away, and preparers need to consider its potential disruptive impact, but its growth in corporate reporting is likely to be gradual and restricted to certain use-cases, according to a report from the Financial Reporting Council’s (FRC’s) Financial Reporting Lab

21 Jun 2018

AI & Technology

Image for smes still unsure making tax digital requirements

Tax | SMEs still unsure of Making Tax Digital requirements

Nearly half (41%) of small business owners are still unaware of Making Tax Digital, according to research from Intuit QuickBooks, with the online software specialist saying accountants will play a key educational role as the deadline for the switch to digital updates nears

21 Jun 2018

Finance | MPs ask PwC for more details of BHS audit

The work and pensions select committee has challenged PwC and audit partner Steve Denison for more details about their work on the audit of BHS and the Taveta group accounts, which were signed off on a going concern basis days before the retailer was sold for £1

21 Jun 2018