Accounting Standards

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Finance | FRC committed to short shelf life FRSSE 2015

The Financial Reporting Council (FRC) is committed to pushing through plans for a short shelf life FRSSE 2015 accounting framework for small business, although it will only be effective for less than 12 months unless there is a strong opposition to proposals in the ongoing consultation on implementing the EU Accounting Directive

10 Oct 2014

Accounting Standards

Financial Reporting

Audit Consultations

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Finance | End of FRSSE signals new accounting rules for small business

Accounting rules for small business are in upheaval as the current status quo will be overhauled in 2015. Anyone reporting under the existing FRSSE should consider the upcoming changes and respond to the dual FRC and BIS consultations to ensure the new rules meet the requirements of small and micro entities, says Sarah Perrin ACA

8 Oct 2014

Accounting Standards

Financial Reporting

Audit Consultations

Finance | FRC introduces red flag system for annual reports

The Financial Reporting Council (FRC) has revised its process of reviewing company reports and accounts for compliance with relevant reporting requirements introducing a system to flag companies which have contravened FRC guidelines, in a bid to improve transparency for investors

8 Oct 2014

Accounting Standards

Financial Reporting

Corporate Governance

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Finance | Accounting updates: October 2014

This month's round-up of technical accounting news considers how the end of FRSSE could create transition problems, consultation on the EU Accounting Directive for small business accounting rules and a new stakeholder implementation group for IFRS 9, Financial Instruments (2014)

1 Oct 2014

Accounting Standards

Financial Reporting

Audit Consultations

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Finance | Woolf: IFRS 9 signals the return of prudence

IASB is finally pulling out the stops with the new IFRS 9, Financial Instruments, but one has to ask why it’s taken so long. It will only go live ten years after the banking crash, says Emile Woolf FCA

29 Sep 2014

Accounting Standards

Financial Reporting

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Finance | FRS 102: never too late to start planning for transition

As the transition date to the new UK GAAP - FRS 102 - approaches on 1 January 2015, Andrew Davies, partner and UK&I leader, financial accounting advisory services at EY, gives a crash course on transition if you’ve done nothing to prepare for the new accounting framework

24 Sep 2014

Accounting Standards

Financial Reporting

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Finance | EU Accounting Directive spells extinction for the FRSSE

Two conflicting accounting frameworks for small business raise questions about the levels of disclosure required, but the situation is still fluid, says Julia Penny FCA, who considers the dual consultations on the EU Accounting Directive from BIS and FRC

23 Sep 2014

Accounting Standards

Financial Reporting

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Finance | Pensions accounting: FRS 102 and impact on P&L

The introduction of FRS 102 - the replacement for UK GAAP effective from 1 January 2015 - will affect the P&L when reporting defined benefit pensions, warns Sarah Perrin ACA

10 Sep 2014

Accounting Standards

Financial Reporting

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Finance | Charity accounting: where next for the FRSSE 2015 SORP

All charities currently reporting under existing GAAP will be required to report under either FRSSE or FRS 102 and the corresponding new Charities SORP but changes on the way mean one of these options has a very limited shelf life, says Nick Sladden, head of charities and a client partner at Baker Tilly

9 Sep 2014

Accounting Standards

Financial Reporting

Finance | FRC strengthens member line-up at Accounting Council

The Financial Reporting Council (FRC) has announced several new appointments to their expert Accounting and Audit & Assurance councils

3 Sep 2014

Accounting Standards

Financial Reporting

Corporate Governance

Leadership & Management

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Finance | FRS 102 workshop dates - 10% discount for Accountancy readers

As the implementation date for the introduction of the new UK GAAP - FRS 102 - approaches, CCH is running a series of FRS 102 workshops focusing on the key changes and essentials for company reporters. Use voucher code UQ/PO41377 to receive a 10% discount when booking your place

1 Sep 2014

Accounting Standards

Finance | BIS consults on implementation of EU Accounting Directive

The Department for Business, Innovation and Skills (BIS) has launched an eight-week consultation on the UK implementation of new EU Accounting Directive regulations which are designed to reduce the administrative burden on small companies by introducing a ‘building block’ approach to statutory financial statements, with increasing levels of disclosure dependent on the size of the undertaking

1 Sep 2014

Accounting Standards

Financial Reporting

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Finance | Accounting updates: September 2014

In our monthly round-up of technical accounting news, the Financial Reporting Council calls for less clutter and more concise annual reports, plans for new rules on reporting corporate tax debt under FRS 102, the IASB and FASB failure to agree over key approaches for new lease accounting standard and the Charity Commission warning on reporting net current liabilities

1 Sep 2014

Accounting Standards

Financial Reporting

Audit Consultations

Finance | FCA consults on EU Transparency Directive reporting for extractives

The Financial Conduct Authority (FCA) has published a consultation on the early implementation of the EU Transparency Directive (TD) requirement for issuers who are active in the extractive or logging of primary forest industries to prepare a report annually on payments made to governments in the countries in which they operate, for comment by 7 October 2014

28 Aug 2014

Accounting Standards

Financial Reporting

Corporate Governance

Finance | IFRS Taxonomy 2014 release 2 goes out for consultation

The IFRS Foundation has published Proposed Interim Release 2 to the IFRS Taxonomy 2014, for comment by 20 October 2014

27 Aug 2014

Accounting Standards

Financial Reporting

Finance | FRC issues revised FRS 101 and FRS 102

The Financial Reporting Council (FRC) has issued revised editions of FRS 101, Reduced Disclosure Framework, and FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, to incorporate recently published amendments.

26 Aug 2014

Accounting Standards

Financial Reporting

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