Accounting Standards

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Finance | Charity Commission ramps up inquiry into double defaulters

The Charity Commission has released details of more charities which are part of its class inquiry into double defaulting charities who have failed to file accounts for at least two years

3 Mar 2015

Finance | Accounting updates: March 2015

In a busy month for accounting, FRSSE is withdrawn as Financial Reporting Council outlines plans for replacement for small companies and FRS 105 standard for micro-entities, threshold limits for new EU Accounting Directive are confirmed by BIS, and National Grid confirms decision to stop publishing quarterly reports

2 Mar 2015

Finance | Legal updates: March 2015

Legal experts at Gateley LLP, Sophie Brookes and Christopher Davies, review the latest case decisions from company identity issues over a costly mistake at Companies House in Taylor & Sons, Ramsay dispute over use of automated signature machine and the timetable for the introduction of the Small Business, Enterprise and Employment Act, including the move to confirmation statement filings at Companies House

2 Mar 2015

Finance

Accounting Standards

Corporate Governance

Leadership & Management

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Finance | Marshall: the end game for leasing standard convergence

The as yet unresolved question of the future of the leasing standard is likely to result in two disparate strands, says Andrew Marshall, senior technical partner at KPMG

26 Feb 2015

Finance | Revenue recognition: the countdown to IFRS 15

Everyone’s talking about the new revenue recognition standard, IFRS 15, Revenue from Contracts with Customers, but how will the accounting really change, asks Andrew Davies, partner and leader of UKI financial accounting advisory services at EY

24 Feb 2015

Finance | International reporting: March 2015

Jeroen van Doorsselaere, IFRS expert, considers the hot topics at the recent IASB board meeting where IFRS for SMEs and discussions on leasing and lease disclosures under the proposed new standard were the priority, despite the lack of transatlantic convergence

23 Feb 2015

Finance | Where next for the joint leasing standard?

If we do see a new leasing standard from the IASB this year, it’s unlikely to be the fully converged standard originally hoped for, warns Sarah Perrin ACA, who talks to leading accounting experts in the UK about the chances of achieving agreement

23 Feb 2015

Finance

Accounting Standards

IFRS

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Finance | How the EU Accounting Directive will change small business accounts

The introduction of new accounting rules for small business, as a result of the EU Accounting Directive, means that the definition of a small business now equates to a £10.2m turnover threshold, which brings thousands of companies into the new regime and raises compliance issues, particularly on abbreviated accounts, says Julia Penny FCA

10 Feb 2015

Finance | Accounting updates: February 2015

The latest technical update for accounting changes including the dual investigations into accounting problems at Tesco, release of Pensions SORP 2015 to meet new UK GAAP framework and FCA reporting requirements for EU Transparency Directive

2 Feb 2015

Finance | Small companies threshold set at £10.2m for new EU accounting rules

Small companies will be able to report under the new EU Accounting Directive from 1 January 2016 with companies up to a turnover threshold of £10.2m able to use the new accounting regime

27 Jan 2015

Finance

Accounting Standards

Financial Reporting

Finance | Charities must improve transparency in reporting public funding

The introduction of new accounting rules for charities under the charity SORP 2015 is unlikely to create more transparency in charity accounts, according to a report by the Centre for Policy Studies (CPS) think tank which claims that under the current accounting requirements it is not possible to accurately assess the level of public funding of major charities in England and Wales

27 Jan 2015

Finance | FCA issues reporting requirements for payments to governments

The Financial Conduct Authority (FCA) has published the final rules for implementing the requirements of the EU Transparency Directive in relation to reporting payments to governments by companies in the extractive or logging of primary forest industries

6 Jan 2015

Finance

Accounting Standards

Financial Reporting

Image for frs 102 new uk gaap takes effect

Finance | FRS 102: new UK GAAP takes effect

With the start of 2015 comes not only the New Year, but New UK GAAP as well. Long in the making, with the initial discussion paper in 2009, the new standards finally take effect for accounting periods beginning on or after 1 January 2015. But what does it mean for preparers as they move to FRS 102, asks Julia Penny FCA?

5 Jan 2015

Finance | FRS 102: accounting for loans and financial instruments

Under the new UK GAAP - FRS 102 - financial instruments are on the balance sheet from variable rate loans to currency forward contracts, warns Helen Lloyd FCA. Find out how to avoid unexpected pitfalls when applying the new rules

24 Dec 2014

Finance | Financial fraud at ancient order of monks

A branch of the 800-year old Franciscan order of monks, whose members are dedicated to a life of poverty, has announced it is in grave financial difficulty after the discovery of a massive financial scandal allegedly involving fraud and embezzlement of tens of millions of euros from its accounts

22 Dec 2014

Finance

Accounting Standards

Financial Reporting

Image for frc investigate tesco over accounting practices

Finance | FRC to investigate Tesco over accounting practices

The Financial Reporting Council (FRC) is to formally investigate Tesco’s financial statements for the past three years and the company’s first set of interim results for this year, in the latest regulatory development surrounding concerns over accounting irregularities which have been uncovered at the supermarket chain

22 Dec 2014