In August’s international accounting updates, Jeroen Van Doorsselaere considers the importance of management commentary and moves towards a tighter integration of the finance and risk world

Now the FCA will not compel banks to submit LIBOR quotations or sustain the LIBOR benchmark after 2021, Collyer Bristow’s Janine Alexander examines the current risks for borrowers entering into LIBOR-linked loans and how they can best protect themselves

The first half of 2020 has seen an uptick in anti-money laundering (AML) fine values globally totalling £540m compared to 2019’s full-year-total of £340m, according to Duff & Phelps

The Bank of Ireland (BOI) has been fined €1.66m (£1.49m) and reprimanded for a series of regulatory breaches causing loss to a client, and for misleading the Central Bank in the course of its investigation

There has been a steep fall in the financial penalties levied on accounting firms and auditors over the past year, down from £32m to £11.3m, with the Financial Reporting Council (FRC) making greater use of constructive engagement to address issues regarding poor work or breaches of standards

This month's exclusive Accountancy Daily CPD module focuses on how accountants and auditors will need to pay close attention to how revenue is treated in the accounts as companies prioritise generating revenue to overcome the pandemic

Luxury car manufacturer Aston Martin has revealed that an accounting error means the sports car specialist understated its 2019 losses by £15.3m

The Financial Reporting Council (FRC) has issued two exposure drafts proposing amendments to UK and Ireland accounting standards, in order to clarify issues when reporting either going concern issues or rent concessions

The insurance contracts standard requires important choices to be made that can have significant impact on company financial statements creating volatility in results, and need to reflect commercial practices, argue Shasat’s Michael Winkler and Sunil Kansal FCA

With face-to-face meetings not an option currently, accountants need to look at other ways to verify client identities under money laundering regulations, says SmartSearch’s Martin Cheek

As the National Crime Agency reports increased fraud during the pandemic, accountants must be extra vigilant and take steps to help clients falling victim to Covid-19 scams, warns Anne Davis of the Institute of Financial Accountants

In July’s international accounting updates, Jeroen Van Doorsselaere considers what investors want from the financial instruments accounting standards and analyses feedback on proposals for the transition from IBOR to alternative reference rates