Sweeping changes to accounting for insurance contracts are set to come into effect from 2022 under IFRS 17. Mark Miller, IFRS global lead at Legerity, sets out key steps to start the compliance process, highlighting potential pitfalls and the use of cloud options to avoid a 'rip-and-replace' approach 

Tesco is the latest company to flag up the negative impact of the latest IFRS 16 lease accounting standard on its balance sheet, with a projected £101m drop in profit before tax, while Royal Bank of Scotland results also hinted at the cost of future implementation

Legislation to protect post Brexit filing exemptions for companies and limited liability partnerships (LLPs) under accounting rules have now been passed via a statutory instrument, SI 2019 No. 145, to ensure compliance with the Companies Act 2006

In the first of a four-part series on FRS 102 (2018), Michelle Roberts ACA, senior technical writer, audit & accounting at Croner-i, examines the simplifications to reporting intangible assets under revised UK GAAP accounting rules introduced as a result of the standard setter’s triennial review

Ramirent, a construction equipment leasing company based in Finland, has revealed that adopting IFRS 16 Leases will increase its net debt by 31% (€109m) from €350.6m (£307.8m) to €459.3m in 2018

US brewing giant Molson Coors is to restate its financial statements for 2016 and 2017, after the company and its auditor PwC identified a material weakness related to its accounting for a joint venture deal carried out three years ago, due to ineffective internal controls

The Financial Reporting Council (FRC) has launched a major review of the reporting of intangibles at companies as business moves towards a more knowledge-based economy

As the IASB continues to roll out IFRS standards and sets out plans to consult on dynamic risk management, Jeroen van Doorsselaere, VP at Wolters Kluwer Financial Series says the continuing regulatory onslaught calls for an integrated approach to finance and risk

The key accounting deadlines from implementation of a raft of amendments to SORPs following FRS 102 triennial review to deadlines to comment on cryptoasset guidance, amendments to FRS 101 and FR2 102

In this month’s roundup of accounting and reporting developments, FRC set to amend FRS 102 defined benefit pension rules, FRC consults on tougher stewardship code, former Tesco FD cleared in £250m accounting fraud, Patisserie Valerie calls in KPMG as administrators

The Financial Reporting Council (FRC) is consulting on changes to FRS 102 to improve the accounting regime for defined benefit pensions, as well as amendments to FRS 101 to take into account IFRS 17 Insurance Contracts

The Financial Reporting Advisory Board (FRAB), the oversight body for accounting framework compliance across the public sector, has highlighted ongoing issues around public sector compliance with new lease accounting standard, IFRS 16