Accounting Standards

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Finance | Accounting updates: December 2015

In this month's roundup of accounting news, Toshiba CFOs face courts, Ofcom investigates Royal Mail over audit opinion in regulatory reporting, Kids Company accounting problems highlighted and lack of clarity in AIM financial reports, plus the latest IFRS technical consultations

1 Dec 2015

Accounting Standards

Financial Reporting

Audit Consultations

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Finance | FRS 102: accounting for subsidiaries and groups - tips and pitfalls

Accounting for groups and subsidiaries under the FRS 102 accounting framework is complicated and varies from accepted practice under the old UK GAAP rules. Colin Edwards, director at KPMG, examines the potential pitfalls, sets out recommended accounting treatment and provides practical examples of application of the new rules under new UK GAAP

23 Nov 2015

Accounting Standards

Financial Reporting

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Finance | Accounting updates: November 2015

In our monthly roundup of accounting essentials, Tesco profits halve as investigations gather pace, PwC settles £1.6bn Cattles’ negligence case, FRC changes to digital taxonomy for charities, plans to defer IFRS 9 adoption for insurers and US regulators consult on amendments to revenue recognition standard, IFRS 15

2 Nov 2015

Accounting Standards

Financial Reporting

Audit Consultations

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Finance | Ten things you need to know about FRS 105: accounting for micro businesses

The new accounting rules for micro businesses under FRS 105, Financial Reporting Standard applicable to the Micro-entities Regime, will replace FRSSE from January 2016. Here we provide tips and advice to avoid potential pitfalls when you start preparing and planning for the accounting changes, by Julia Penny, SWAT divisional director (technical)

15 Oct 2015

Accounting Standards

Financial Reporting

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Finance | Marshall: Another deferred IFRS application raises debate about IFRS 4

A spate of delays to implementation of new International Financial Reporting Standards (IFRS) is becoming something of a norm as the IASB, the global accounting standard settter, hints at delays to the new insurance contracts revisions to IFRS 4 and possible exceptions for IFRS 9 reporters, says Andrew Marshall, senior technical partner at KPMG UK

13 Oct 2015

Accounting Standards

Financial Reporting

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Finance | Accounting updates: October 2015

The major accounting developments from potential delays to the long-planned IFRS 9 banking standard as EFRAG gives luke warm approval, excessive company annual reports burying critical information about FTSE entities, tighter rules for charities likely to come into force with campaign expenditure exemption and US conflict minerals ruling

1 Oct 2015

Accounting Standards

Financial Reporting

Law and Regulation

Audit Consultations

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Finance | Choosing the right FRS: accounting for business combinations - part 1

In the first of a series on UK GAAP transition, Helen Lloyd FCA considers the most appropriate accounting standard for business combinations based on the myriad choices of FRSs 101, 102 or 105, and in certain circumstances even IFRS

10 Sep 2015

Accounting Standards

Financial Reporting

Finance | LAPFF calls on MEPs to block IFRS 9 as FRC comes under fire

The Local Authority Pension Fund Forum (LAPFF) has published a further opinion from George Bompas QC, challenging how defective accounting standards have been implemented, and finds significant flaws in the position of the Financial Reporting Council (FRC) over the use of true and fair in financial reporting, the latest stage in a long-running argument between the pensions group and the UK regulator

1 Sep 2015

Accounting Standards

Financial Reporting

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Finance | Accounting updates: September 2015

In the roundup of the latest accounting developments, Quindell faces SFO investigation into accounting irregularities, Kids Company audit report highlights cashflow issues and ban on invoice assignment clauses opens up invoice finance options for SMEs, while IASB delays IFRS 10 amendments on joint venture reporting

1 Sep 2015

Accounting Standards

Financial Reporting

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Finance | Greece: financial reporting requirements post bailout

Elizabeth Paul, partner at PricewaterhouseCoopers in the US, examines the financial reporting implications of Greece’s bailout package and how companies with investments in Greece need to deal with accounting requirements in light of the third bailout agreement

26 Aug 2015

Accounting Standards

Financial Reporting

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Finance | IFRS 9: would new standard have stopped Greek banking crisis?

It’s no secret that the countdown is now on for the implementation of the new, global accounting standard, IFRS 9, Financial Instruments, which must be implemented and fully compliant by January 2018. Damien Burke, head of regulatory practice at 4-Most Europe, asks whether IFRS 9 could have stopped the Greek banking crisis

25 Aug 2015

Accounting Standards

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Finance | International reporting: IFRS 9 concession for insurers, dynamic risk management

At the latest IASB meeting, the global standard-setters yet again delayed the project on dynamic risk management, while insurers received a welcome concession over IFRS 9, says Jeroen Van Doorsselaere, IFRS expert at Wolters Kluwer

21 Aug 2015

Accounting Standards

Financial Reporting

Finance | GBE definition under IPSAS 1 out for consultation

The International Public Sector Accounting Standards Board (IPSASB) has released for comment Exposure Draft (ED) 56, The Applicability of IPSAS, in an attempt to improve the interpretation of government business enterprises (GBE) and make it easier to determine whether organisations actually meet the criteria under the public sector accounting rules

7 Aug 2015

Accounting Standards

Financial Reporting

Audit Consultations

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Finance | FRS 102: treatment of employee benefits under Section 28 - CPD module

Dealing with employee benefits under the new UK GAAP is the subject of this month’s CPD module as our expert Ralph Tiffin focuses on the new approach under Section 28, Employee Benefits of FRS 102

3 Aug 2015

Accounting Standards

Finance | IASB delays IFRS 15 on revenue recognition until 2018

The International Accounting Standards Board (IASB) has delayed the implementation of the new revenue recognition standard, IFRS 15, Revenue from Contracts with Customers, by one year until 1 January 2018

22 Jul 2015

Accounting Standards

Financial Reporting

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Finance | IAS 19 reporting risk to pensions net liability

Proposed changes to pension rules under IFRIC 14, Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction, threaten companies with extra balance sheet liabilities if reporting via IAS 19, warn Tim Marklew and Alex Waite, partners at LCP

21 Jul 2015

Accounting Standards

Financial Reporting

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