Business &amp; Accountancy Daily

Leadership & Management

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| What happens when no one trusts the numbers?

Financial discrepancies in month end reporting and inaccurate financial data is a major risk and reputational issue for CFOs and finance directors so why does the C-suite trust the numbers, asks Mario Spanicciati, chief strategy officer at BlackLine

7 Mar 2019

Finance | IASB plans ‘game changer’ on financial reporting

Hans Hoogervorst, chair of the International Accounting Standards Board (IASB) has described its primary financial statements project as a ‘game changer’ in financial reporting

7 Mar 2019

Finance

Financial Reporting

IFRS

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Business | Call for more planning for no deal Brexit

A survey from ICAS has found that nearly three-quarters (73%) of finance professionals believe that a no-deal Brexit is ‘very’ or ‘quite’ likely, but only half say their organisation has prepared for that outcome from the current negotiations over the UK’s withdrawal from the EU

7 Mar 2019

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Business | Ross Boyd restructures practice by adding shareholder

The entrepreneurial founder of Ross Boyd ltd, which has expanded from Ireland across the UK, has announced a restructuring of the accountancy practice, bringing in its first outside shareholder, following the appointment of a new director who has taken a stake in its Belfast operation

7 Mar 2019

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Business | KPMG opens window out of administration for Synseal Group

Chris Pole and Mark Orton, partners from KPMG restructuring, have been appointed joint administrators of Synseal Group, which has been sold to Aperture Trading, in pre-pack deal which preserves over 1,000 jobs

7 Mar 2019

Restructuring & Insolvency

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Business | UK lags US in penalty enforcement for serious economic crime

The UK is lagging behind the US in holding large companies to account for serious economic crimes such as financial fraud or money laundering, according to research by Corruption Watch, which is calling for more effective legislation

7 Mar 2019

Business | Employers only use 9% of apprenticeship levy funds

In 2017-18 apprenticeship levy-paying employers only accessed £191m of an available £2.2bn in levy funds and government top-ups, despite these funds expiring after two years, reports Amy Austin

7 Mar 2019

Image for extension beneficial ownership register overseas territories delayed

Finance | Extension of beneficial ownership register to overseas territories delayed

Plans to extend the public register of beneficial ownership of overseas entities to cover offshore Crown dependencies and overseas territories will not happen before 2023 at the earliest, the government has confirmed

7 Mar 2019

Tax | HMRC sets out rules for postponed VAT accounting if no deal Brexit

With weeks until Brexit, HMRC has finally issued guidance for importers and exporters on how a postponed VAT accounting system would work in the event of no deal scendario to prevent businesses having to immediately pay UK VAT on imports from the EU

7 Mar 2019

6 Mar 2019

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Finance | Marshall: proposed amendment to IAS 37 on onerous contracts

The introduction of IFRS 15, the new revenue recognition standard, has resulted in an unexpected interpretation problem concerning partial and full provision of contracts, which requires a review of IAS 37 provisioning rules. Andrew Marshall, senior technical partner at KPMG, examines potential clashes under the current interpretation

6 Mar 2019

Business | Dominic Roberts takes over helm at PKF Littlejohn

PKF Littlejohn has appointed Dominic Roberts as its managing partner, succeeding Carmine Papa who has held the position for six years and will remain a partner at the firm

6 Mar 2019

Leadership & Management

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Finance | EY takes the wheel from KPMG on Aston Martin audit

Aston Martin has announced the appointment of EY as its auditor, after KPMG declined to reapply for tender less than three months after the company made its debut on the London Stock Exchange

6 Mar 2019

Auditing

Corporate Governance

Image for hmrc consults ir35 extension private sector

Tax | HMRC consults on IR35 extension to private sector

HMRC has opened a 12-week consultation into proposals to extend the IR35 off-payroll working rules to the private sector from April 2020, in a bid to enable individuals and organisations to prepare for the changes, which have attracted considerable controversy since they were announced at Budget 2018

6 Mar 2019

Business | ICAEW loses appeal over extending legal services regulatory work

ICAEW has failed in its attempt to extend its legal services regulatory work, after its appeal against the lord chancellor’s earlier refusal was turned down at a High Court judicial review

6 Mar 2019

Law & Guidance

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Finance | International reporting: materiality gets a make-over

Now that the International Accounting Standards Board (IASB) has a clear definition of materiality under IFRS, the next step is to incorporate it into new and existing accounting standards, says Jeroen Van Doorsselaere, VP of Wolters Kluwer Financial Services

6 Mar 2019

Tax | Unexpected VAT consequences of devolved status

Sarah Kay, tax writer at Croner-i, considers an Upper Tribunal case where care services where taxable in England but exempt in Scotland and Northern Ireland due to different VAT rules and a variance in statutory regulation

6 Mar 2019

Business | Pension regulator gets tougher on risky deficit planning

The Pensions Regulator (TPR) has signalled it intends to get tougher on companies and trustees to ensure pension scheme members are treated fairly, with updated guidance on how defined benefit (DB) schemes should be funded, reports Pat Sweet

6 Mar 2019

Business | US-based Frazier & Deeter opens London office

Frazier & Deeter, the US public accounting and advisory firm, is to open a London office, its first international location, with the aim of capitalising on opportunities following Brexit

6 Mar 2019

Careers

Leadership & Management

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Business | Carlos Ghosn given bail on Japanese fraud charges

Carlos Ghosn, the former chairman of Nissan, has been given bail, set at ¥1bn (£6.8m) after spending more than three months in prison in Japan on charges of financial misconduct

6 Mar 2019

5 Mar 2019

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Tax | Nunn: HMRC caves on copy and paste for MTD year one

HMRC’s decision to allow companies a soft landing without penalties for Making Tax Digital for VAT is welcome but there is still much confusion about the software requirements for companies, says Yvette Nunn CTA, owner partner at Berkeley Associates

5 Mar 2019

Business | FTSE 350 failing to grasp cyber risks

Less than a fifth (16%) of FTSE 350 boards have a comprehensive understanding of the impact of loss or disruption associated with cyber threats, despite almost all (96%) having a cyber security strategy in place, government research has found

5 Mar 2019

Business | Paperchase opts for CVA to avoid folding up

Stationery specialist Paperchase is the latest high street retailer to announce financial difficulties, bringing in KPMG to assist with a proposed company voluntary arrangement (CVA) which would include rent reductions at many of its stores and the possible closure of some outlets

5 Mar 2019

Restructuring & Insolvency

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Tax | France moves to impose 3% digital tax

France is set to introduce a digital tax of between 3% and 5% on the French revenue of large internet companies, which could see some 30 tech giants paying around €500m (£429m) annually, if planned legislation is passed

5 Mar 2019

Business | Liquidations up 10% as Brexit uncertainty hits

The number of insolvent businesses being liquidated rather than restructured has increased by 10% in the last year, with rising interest rates and Brexit disruption fuelling the surge, according to analysis by Moore Stephens

5 Mar 2019