Accounting Standards

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Image for fca mines rio tinto record ps27m fine over disclosure failings

Finance | FCA mines Rio Tinto for record £27m fine over disclosure failings

FTSE 100 mining giant Rio Tinto has been fined a record £27.4m by the Financial Conduct Authority (FCA) for breaching disclosure and transparency rules, and is also facing fraud charges brought by the Securities and Exchange Commission (SEC) in the US against both the company and its former CEO and CFO

18 Oct 2017

Accounting Standards

Financial Reporting

Law and Regulation

Accountancy Firms

Called to Account

Image for iasb consults narrow scope amendments ifrs 9 and ias 28

Finance | IASB consults on narrow-scope amendments to IFRS 9 and IAS 28

The International Accounting Standards Board (IASB) is consulting on minor amendments to IFRS 9 Financial Instruments and to IAS 28 Investments in Associates and Joint Ventures to aid implementation, even before IFRS 9 is implemented

12 Oct 2017

Accounting Standards

Financial Reporting

Audit Consultations

Image for frc tips 201718 annual reporting requirements

Finance | FRC tips for 2017/18 annual reporting requirements

The Financial Reporting Council (FRC) has written to companies to highlight changes to reporting requirements and key areas where improvements can be made when preparing annual reports for the 2017/18 reporting season, with a particular focus on meeting investors’ requirements

10 Oct 2017

Accounting Standards

Financial Reporting

Image for frc ends probe pwc over barclays client asset protection failures

Finance | FRC ends probe into PwC over Barclays client asset protection failures

The Financial Reporting Council (FRC) has announced the closure of its investigation into PwC’s conduct in relation to its role in reporting to the Financial Services Authority (FSA), now the Financial Conduct Authority (FCA), on Barclays Bank’s compliance with the FSA’s client asset rules, which saw the bank hit with a £37m fine for serious failings

5 Oct 2017

Accounting Standards

Financial Reporting

Law and Regulation

Accountancy Firms

Image for dfid introduces open book accounting tackle supplier profiteering

Finance | DfID introduces open book accounting to tackle supplier profiteering

The Department for International Development (DfID) has announced reforms of its work with contracted suppliers in a bid to clamp down on the risk of profiteering, excessive charges and unscrupulous practices

4 Oct 2017

Accounting Standards

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Finance | Accounting updates: October 2017

In this month’s roundup of developments in accounting and financial reporting, switch to IFRS 15 hits Capita's 2016 profits, Companies House rejects some micro entity accounts, Charity Commission annual return service launched

2 Oct 2017

Accounting Standards

Financial Reporting

Image for frs 102 accounting distributable profits and intragroup loans

Finance | FRS 102: accounting for distributable profits and intragroup loans

After a number of reporting errors made by listed companies, Sarah Perrin ACA examines the accounting rules for the treatment of distributable profits and intragroup loans rules under FRS 102

28 Sep 2017

Accounting Standards

Financial Reporting

Image for international reporting ifrs 17 insurance contracts unpicked

Finance | International reporting: IFRS 17 Insurance Contracts unpicked

Jeroen Van Doorsselaere, VP of risk and finance at Wolters Kluwer, unravels IFRS 17 Insurance Contracts, announced in May earlier this year, explaining what changes have been made to the previous insurance standard IFRS 4 which will be replaced by IFRS 17 when it is implemented in 2021

26 Sep 2017

Accounting Standards

Financial Reporting

Image for iasb announces members transition group ifrs 17

Finance | IASB announces members of transition group for IFRS 17

The International Accounting Standards Board (IASB) has announced the 18 members of its transition resource group to support the implementation of IFRS17 Insurance Contracts, with five out of the 18 members based in the UK

25 Sep 2017

Accounting Standards

Financial Reporting

Image for frc proposes amendments frs 102 gift aid payments

Finance | FRC proposes amendments to FRS 102 for Gift Aid payments

The Financial Reporting Council (FRC) is set to amend the rules for handling Gift Aid payments under FRS 102 in an effort to clarify when profits from a non-charitable subsidiary can be distributed to the parent charity

21 Sep 2017

Accounting Standards

Financial Reporting

Image for frs 102 handling derivatives and material valuations

Finance | FRS 102: handling derivatives and material valuations

Zwi Sacho, director of corporate accounting advisory practice at Chatham Financial Europe, tackles the large and material valuation requirements of derivatives under FRS 102 accounting, as businesses adjust to the standard

21 Sep 2017

Accounting Standards

Financial Reporting

Image for hoogervorst calls greater focus intangibles reporting not ifrs numbers

Finance | Hoogervorst calls for greater focus on intangibles reporting not IFRS numbers

The head of the International Accounting Standards Board (IASB) has set out a robust defence of its role as the IFRS standard-setter against a backdrop of investor demand for alternative performance measures and increasing calls for more information on intangibles and value, rather than a focus on pure numbers

19 Sep 2017

Accounting Standards

Financial Reporting

Image for iasb consults definition material information ias 1 and ias 8

Finance | IASB consults on definition of material information in IAS 1 and IAS 8

The IASB has launched a consultation on proposed clarifications to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors centring on the definition of ‘material’ information in financial statements

14 Sep 2017

Accounting Standards

Financial Reporting

Audit Consultations

Image for frs 101 why choose reduced disclosure accounts part 1

Finance | FRS 101: why choose reduced disclosure accounts - part 1

In part one of a new series on FRS 101 Reduced Disclosure Framework, Anne Cowley ACA considers the pros and cons of choosing FRS 101 to prepare UK GAAP accounts, highlighing potential pitfalls and considering which companies should adopt the accounting rules

14 Sep 2017

Accounting Standards

Financial Reporting

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Finance | IASB to clarify how to distinguish accounting policies from estimates

The International Accounting Standards Board (IASB) is consulting on proposed narrow scope amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to make it easier for company preparers to make the distinction between accounting policies and accounting estimates

12 Sep 2017

Accounting Standards

Financial Reporting

Audit Consultations

Image for switch ifrs 15 sees capitas 2016 profits re stated

Finance | Switch to IFRS 15 sees Capita’s 2016 profits re-stated

Outsourcing specialist Capita has re-stated its underlying operating profit for 2016, which is now down from £481m to £335m, as a result of its early adoption of IFRS 15 Revenue from Contracts with Customers, which has had a significant impact on its long-term contracts and software business

7 Sep 2017

Accounting Standards

Financial Reporting

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