Accounting Standards

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Finance | Government amends accounting rules in Companies Act for post-Brexit

The government has issued draft legislation to amend the filing exemptions for companies and limited liability partnerships (LLPs) ahead of the UK leaving the EU, but refers to 'exit day'

8 Nov 2018

Finance | IFRS 16 Leases: tips and advice for retail sector - part 7

Andrew Marshall FCA, senior technical partner at KPMG UK, examines the impact of IFRS 16 on the retail sector examines how the new accounting rules, effective from 1 January 2019, affect lease terms and payments, discount options, and sale and leaseback

8 Nov 2018

Finance | Disclosure reporting at small listed companies under fire

Smaller listed companies must improve the quality of disclosures about significant accounting judgments and errors, and provide more transparency about their cash flow and tax arrangements

7 Nov 2018

Finance | Governments shift towards accrual basis reporting

Nearly two thirds of governments will report on an accrual basis by 2023, compared to the 25% of governments that do so now, according to the latest research from the International Federation of Accountants (IFAC) and CIPFA

6 Nov 2018

Finance | FRC flags implementation issues with IFRS 9 and 15

The Financial Reporting Council’s (FRC) thematic reviews of IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers show that the early application of both standards has raised a number of problems, particularly in explaining the transition to key stakeholders

6 Nov 2018

Finance | Charity accounts part 10: charitable companies

This article, the tenth in our series on charity accounts, will focus on charitable companies’ SORP requirements, including the need to produce a strategic report and what the summary income and expenditure account should include

6 Nov 2018

Finance | ICAEW says ISA 315 not fit for small businesses

The International Auditing and Assurance Standards Board (IAASB) consultation on the proposed amendments to ISA 315, Identifying and Assessing the Risks of Material Misstatement, has elicited a response from ICAEW urging the body to take heed of concerns about its scalability

5 Nov 2018

Finance | Revising the risk assessment: ISA 315

Katherine Bagshaw FCA examines some the many long-standing issues of ISA 315, Identifying and Assessing the Risks of Material Misstatement, and what the Exposure Draft of the revised standard improves upon

5 Nov 2018

Finance | IASB clarifies definition of ‘material’

The International Accounting Standards Board (IASB) has issued amendments to its definition of material to make it easier for companies to make materiality judgements, saying some companies experienced difficulties using the old definition

1 Nov 2018

Finance | Accounting updates: November 2018

In this month’s roundup of developments in accounting and financial reporting, Jersey to offer limited liability companies, Charities SORP amendments, no-deal Brexit guidance for accounting and audit rules

1 Nov 2018

Finance

Accounting Standards

Financial Reporting

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Finance | Segmental reporting: IFRS 8 in practice

Rachel Farris FCA CTA examines how 20 UK listed companies have dealt with segmental reporting under IFRS 8 in their latest annual reports

1 Nov 2018

Finance | Latest CPD module focuses on charity accounting

This month’s exclusive Accountancy Daily CPD module will look at the amendments to the Charity SORP, issued in Update Bulletin 2 by the Charity Commission

31 Oct 2018

Finance | International reporting: dynamic risk management under review

Jeroen Van Doorsselaere, Wolters Kluwer vice president of risk and finance, on dynamic risk management in hedge accounting

31 Oct 2018

Finance | Charity accounts part 9: audit

This article, the ninth in our series on charity accounts, will focus on what types of charities need to have audited accounts as well as covering Practice Note 11, accounting and financial standards and various filing methods. Helena Wilkinson and Iain Storey of Price Bailey explain

30 Oct 2018

Finance | ESMA prioritises IFRS 9 and 15 for corporate reporting

The European Securities and Markets Authority (ESMA) says European enforcers should focus on the application of two new standards - IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments - when examining 2018 financial statements of listed companies

29 Oct 2018

Finance | FRC and BEIS to set up IFRS endorsement board

The Financial Reporting Council (FRC) is working with the Department for Business, Energy and Industrial Strategy (BEIS) to create a board responsible for endorsing new and revised IFRS reporting standards following Brexit

25 Oct 2018