Accounting Standards

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Finance | Changes to FRS 102 ‘giant piece of work’

New accounting rules on leases and revenue recognition are designed to improve quality of financial statements and comparability but are ‘complex areas of financial reporting’

15 May 2024

Accounting Standards

Financial Reporting

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Finance | Overhaul of IFRS accounting rules for subsidiaries

In a bid to simplify financial reporting for subsidiary companies, the IASB has issued a new accounting standard, IFRS 19 with reduced disclosures

9 May 2024

Accounting Standards

Financial Reporting

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Finance | ISSB eyes up disclosures on biodiversity risks

Following the launch of the initial sustainability standards, the International Sustainability Standards Board (ISSB) is looking to expand disclosures on risks related to nature and human capital

24 Apr 2024

Accounting Standards

Financial Reporting

ESG & Sustainability

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Finance | IFRS 18 standard will improve accounting disclosure

In the first major accounting change to IFRS for years, the new IFRS 18 Presentation and Disclosure in Financial Statements standard has been issued, replacing IAS 1

9 Apr 2024

Accounting Standards

Financial Reporting

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Finance | FRS 102 changes set to affect 3.4m businesses

Revenue recognition and lease accounting rules are set for a major overhaul in FRS 102 from 2026, costing businesses an estimated £150m

27 Mar 2024

Accounting Standards

Financial Reporting

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Finance | Sustainability reporting is coming into mainstream

Accountants need to stop focusing on numbers and take into account the wider social and environmental contribution of companies, argues Paul Druckman, chair of the World Benchmarking Alliance

20 Mar 2024

Accounting Standards

Financial Reporting

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Finance | Greenhouse gas reporting standards mapped for IFRS S2

The IFRS Foundation and the Global Reporting Initiative have published a guide to interoperability issues when reporting GHG emissions under IFRS S2 and GRI 305

23 Jan 2024

Accounting Standards

Financial Reporting

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Finance | IFRS for SMEs amended for 15% minimum tax rate

The International Accounting Standards Board (IASB) has made temporary amendments to IFRS for SMEs accounting standard to take into account Pillar Two tax rules

3 Oct 2023

Accounting Standards

Financial Reporting

Image for ukeb adopts temporary amendments ias 12

Finance | UKEB adopts temporary amendments to IAS 12

The UK Endorsement Board has adopted the amendments to IAS 12 International Tax Reform: Pillar Two Model Rules for use in the UK during the initial adoption period of the global base tax rate

21 Jul 2023

Accounting Standards

Financial Reporting

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Finance | FRS 102 temporary amend for 15% global tax issue

The Financial Reporting Council has issued amendments to UK GAAP accounting rules to allow for transition to OECD 15% global base tax rate

11 Jul 2023

Accounting Standards

Financial Reporting

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Finance | ISSB launches global sustainability disclosure standards

The ISSB has issued two new reporting standards aimed to improve trust and confidence in company disclosures about sustainability and climate change

26 Jun 2023

Accounting Standards

ESG & Sustainability

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Finance | Fair value disclosures need to be more transparent

The challenging economic environment and climate change risks may increase the degree of estimation uncertainty and management judgment about fair value under IFRS 13

14 Jun 2023

Accounting Standards

Financial Reporting

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Finance | FRS 102 & FRS 105: provisions and contingencies

Benjamin Smith FCA explains the accounting requirements for the recognition of provisions under FRS 102 and FRS 105 accounting standards

7 Jun 2023

Accounting Standards

Financial Reporting

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Finance | Greenhouse gas reporting should not be 'onerous'

Accountants need to provide transparent information about greenhouse gas emissions to improve the quality of disclosures using a dedicated finance team

30 May 2023

Accounting Standards

Financial Reporting

Image for iasb increases disclosures supplier finance

Finance | IASB increases disclosures for supplier finance

The International Accounting Standards Board (IASB) has issued disclosure requirements to enhance the transparency of supplier finance arrangements under IAS 7 and IFRS 7

25 May 2023

Accounting Standards

Financial Reporting

Image for iasb amends ias 12 ahead 15 global tax rate

Finance | IASB amends IAS 12 ahead of 15% global tax rate

The International Accounting Standards Board (IASB) has amended the tax accounting requirements to help companies account for the 15% global tax rate

23 May 2023

Accounting Standards

Financial Reporting

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