Finance | Global ethics code must catch up with AI technology

The International Ethics Standards Board for Accountants (IESBA) is to update the code of ethics in response to the pace and magnitude of change caused by disruptive technological innovations

2 Mar 2020

Finance

Accounting Standards

Financial Reporting

Business

Companies

Accountancy Firms

Finance | Accounting updates: March 2020

In this month’s accounting updates, Deloitte fined £1.8m over Comet administration failures, FCA to investigate M&C Saatchi accounting errors, SORP charity accounting committee membership and Brexit transition guidance for accountants

2 Mar 2020

Finance

Accounting Standards

Financial Reporting

IFRS

Finance | IPSASB consults on revenue and transfer expenses standards

The International Public Sector Accounting Standards Board (IPSASB) is consulting on three inter-connected exposure drafts which are intended to pioneer new approaches to accounting for some of the most significant transactions of public sector entities

27 Feb 2020

Finance

Accounting Standards

IFRS

Audit Consultations

Finance | NMC Health hit by £258m accounting irregularities

FTSE 100 healthcare provider NMC Health has sacked its CEO and announced its CFO is on sick leave, after the company uncovered undisclosed loans to related parties amounting to $335m (£258m)

27 Feb 2020

Finance

Accounting Standards

Financial Reporting

Business

Companies

Accountancy Firms

Finance | How watertight are partnership agreements?

When partners are asked to leave their firm, frequently they will find little protection from their partnership agreements, even if they have been a high performer. Daniel Sutherland of law firm Fox Williams gives advice on how to challenge an expulsion decision

27 Feb 2020

Finance

Accounting Standards

Financial Reporting

Finance | Eddie Stobart books £11m loss after accounting errors

Haulage firm Eddie Stobart Logistics has recognised a £169.2m impairment charge in its restated half-year results for the period to May 2019, which saw operating losses of £11.6m

26 Feb 2020

Finance

Accounting Standards

Business

Companies

Accountancy Firms

Finance | Accountants slow to act on climate change

Leading UK accounting bodies are spearheading a global call to action urging accountants to put sustainability and the fight against climate change at the forefront of their work

25 Feb 2020

Finance

Accounting Standards

Financial Reporting

Business

Companies

Accountancy Firms

Finance | Navigating IFRS: judgments and estimates under IAS 1 – part 1

In our new series on IFRS, Glynnis Carthy CA(SA), technical writer at Croner-i, explains the importance of reporting accurate disclosures and their material impact in IAS 1 Presentation of Financial Statements

20 Feb 2020

Finance

Accounting Standards

Financial Reporting

IFRS

Finance | Shake-up of SORP charity accounting committee finalised

Regions and small charities will have more influence over the development of charity accounting rules following an overhaul of the Charities SORP committee but the number of members is barely reduced

17 Feb 2020

Finance

Accounting Standards

Business

Charities

Finance | Bank of England to adjust bank stress tests for IFRS 9

The Bank of England is looking to adjust its stress tests for banks, following the introduction of IFRS 9 expected credit loss accounting (ECL), which has led to impairment losses being recognised earlier than previously

14 Feb 2020

Accounting Standards

Financial Reporting

IFRS

Business

Accountancy Firms

Finance | The jeopardy of software licences under IFRS 16

Robin Fry, director of Cerno, outlines the hidden risks when reporting software licence liabilities under IFRS 16 Leases, from right-of-use considerations, to assets versus liabilities and accounting for under-licensing charges

10 Feb 2020

Finance

Accounting Standards

Financial Reporting

IFRS

Finance | International reporting: current or non-current liabilities

2020 will see differences in regulatory and financial reporting requirements emerge, as IFRS 9 crosses paths with Basel III and the European single electronic format, explains Jeroen Van Doorsselaere

4 Feb 2020

Finance

Accounting Standards

Financial Reporting

IFRS

Finance | Charity Commission and ACCA sign referral agreement

The Charity Commission has signed an agreement with ACCA allowing the regulator to refer cases of poor professional practice by accountants and finance professionals to the professional body, the first such arrangement in the accountancy sector

27 Jan 2020

Finance

Accounting Standards

Financial Reporting

Finance | IASB amends IAS 1 to clarify debt classification

The International Accounting Standards Board (IASB) has issued limited amendments to IAS 1 Presentation of Financial Statements to clarify how to classify debt and other liabilities as current or non-current, to promote greater consistency

24 Jan 2020

Finance

Accounting Standards

IFRS

Finance | Carillion collapse creates hospital cost overruns

One year on from the collapse of Carillion, the National Audit Office (NAO) has published a report revealing substantial cost and time overruns on progress on two hospitals which the outsourcer was building at the time

17 Jan 2020

Finance

Accounting Standards

Financial Reporting