Accounting Standards

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Finance | Covid-19: amendments to IFRS 16 Leases

The International Accounting Standards Board (IASB) has issued an amendment to IFRS 16 Leases to make it easier for lessees to account for Covid-19-related rent concessions such as rent holidays and temporary rent reductions

28 May 2020

Finance | Covid-19: ICAEW and ICAS going concern guidance

ICAEW and the Institute of Chartered Accountants of Scotland (ICAS) have jointly published free-to-access guidance for owners and directors of SMEs to assess the prospects of their business in the wake of Covid-19

28 May 2020

Finance | MoD slammed over ‘ballooning’ nuclear infrastructure project costs

MPs have lambasted the Ministry of Defence (MoD) over its poor contract design and management for critical infrastructure projects, which have resulted in taxpayers shouldering ballooning costs which have already topped £1bn

14 May 2020

Finance | Covid-19: lessons from construction collapses

As the sector that recorded the highest number of insolvencies in 2019 faces up to the latest threat of coronavirus, Naismiths’ head of asset recovery Ben Harwood asks if other sectors can learn from how construction companies handle threats to their business

11 May 2020

Restructuring & Insolvency

Image for international reporting ibor reforms accelerate and expected credit losses test banks

Finance | International Reporting: IBOR reforms accelerate and expected credit losses test banks

The next liquidity crisis could already be here, as financial institutions grapple with expected credit losses in the wake of Covid-19, while the IASB’s interest rate benchmark reforms cannot be delayed, explains Jeroen Van Doorsselaere

5 May 2020

Finance | Covid-19: EU eases up on banking accounting rules

The European Commission has announced a relaxation of banking accounting rules to ensure that lenders can continue to extend loans to companies struggling during the Covid-19 crisis, in a bid to ensure a coordinated EU response and avoid national fragmentation

29 Apr 2020

Finance | IASB looks to align IFRS for SMEs with full standards

The International Accounting Standards Board (IASB) has begun consulting on proposals to update the IFRS for SMEs standard, which include consideration of whether and how to align the simplified accounting standard for small and medium-sized entities with full IFRS standards

28 Apr 2020

Finance | Covid-19: charity SORP guidance issued

Charity trustees and preparers of charity accounts have been given new guidance by the SORP-making body, looking at the potential impact of the control measures to contain Covid-19 on their financial reporting, reports Pat Sweet

1 Apr 2020

Finance | Revised investment reporting standards delayed to September

The Financial Reporting Council (FRC) has issued revised Standards for Investment Reporting (SIRs) 1000 to 5000, and a new SIR 6000 dealing with reports on Quantified Financial Benefits Statements (QFBSs) published in accordance with the City Code

26 Mar 2020

Finance | Covid-19: Companies House extends accounts filing deadline

Companies House is granting a three-month extension for companies for filing company accounts, due to the current public health situation and the impact of coronavirus on staff who may be unwell or self-isolating, reports Pat Sweet

23 Mar 2020

Finance | FCA implements two-week moratorium on FTSE corporate reporting

The Financial Conduct Authority (FCA) has confirmed that there will be a moratorium on the publication of all FTSE listed company preliminary financial statements for at least two weeks due to covid-19

23 Mar 2020

Finance | Bank of England advice on liquidity reporting under IFRS 9

The Bank of England and Prudential Regulation Authority (PRA) has issued initial guidance on reporting expected credit loss (ECL) estimates under IFRS 9 Financial Instruments in wake of covid-19

20 Mar 2020

Finance | IASB seeks detailed disclosures on business acquisitions

The International Accounting Standards Board (IASB) is seeking views on potential changes to IFRS standards regarding business acquisitions, to make it easier for investors to assess the performance of any acquisitions

20 Mar 2020

Finance | Additional postponement for IFRS 17 insurance contracts

The International Accounting Standards Board (IASB) has announced a further one-year deferment of the implementation date for IFRS 17 Insurance Contracts, so the effective date for the standard will now be 2023

19 Mar 2020

Finance | FRC flags £94m error in Galliford Try accounts

A Financial Reporting Council (FRC) investigation has found that FTSE 250 builder Galliford Try overstated its assets by £94.3m, following errors in the way it recognised revenue on certain construction contracts

16 Mar 2020