Accounting Standards

Finance | IASB sets up stakeholder group for IFRS 9 implementation

The International Accounting Standards Board (IASB), the standard-setter responsible for International Financial Reporting Standards (IFRS), has confirmed that the new impairment transition resource group (ITG) to support the implementation of IFRS 9, Financial Instruments (2014), will meet up to three times a year in the run-up to implementation of the new standard in 2018

22 Aug 2014

Finance | IASB publishes proposed amendments to IAS 12 Income Taxes

The International Accounting Standards Board (IASB) has published proposed amendments to IAS 12, Income Taxes, with the aim of clarifying how to account for deferred tax assets related to debt instruments measured at fair value

21 Aug 2014

Finance | FRC to amend FRS 102 rules on DB pension obligations

The Financial Reporting Council (FRC) has launched a three-month consultation on proposed amendments to FRS 102, the new UK GAAP, in order to clarify issues relating to accounting for defined benefit pension plans in advance of new UK and Irish GAAP becoming mandatory from 1 January 2015

20 Aug 2014

Finance | IASB issues update on lease accounting progress

The International Accounting Standards Board (IASB) has published an update on the most important early decisions reached on the leases project during the first half of 2014

7 Aug 2014

Finance | Accounting updates: August 2014

In our round-up of the latest accounting news, we consider how NHS organisations are struggling to balance their books, public sector accountability and risk management, the latest plans to consult on lease accounting announced by EFRAG and IAS 19 for bearer plants is given green light

1 Aug 2014

Finance | Poor planning for FRS 102 highlights lack of urgency

The majority of accountancy firms are not prepared for the upcoming transition from UK GAAP to FRS 102 with only one in ten having considered the cost implications of the changes to the accounting framework, while four in ten business FDs and finance professionals have started planning for the changes.

23 Jul 2014

Tax | Scotland: what happens to tax policy post-referendum?

When Scotland goes to the polls on 18 September, there will still be uncertainty about the impact of a yes vote on tax policy as tax raising powers will move north of the border regardless of the outcome, reports Rachel Fielding

21 Jul 2014

Finance | FRC set to release FRSSE consultation by end summer 2014

The Financial Reporting Council has confirmed that it plans to issue a consultation document on the accounting arrangements for small companies going forward, effectively replacing the current Financial Reporting Standard for Smaller Entities (FRSSE) accounting rules.

17 Jul 2014

UK GAAP

Finance | IFAC and CIPFA release framework for public sector governance

In a move to raise governance standards across the public sector, the International Federation of Accountants (IFAC) and the Chartered Institute of Public Finance and Accountancy (CIPFA) have issued a new framework outlining best practice with a focus on sustainability and control checks of external auditors

3 Jul 2014

Finance | Accounting updates: July 2014

The long-awaited converged standard on revenue recognition, IFRS 15, is released despite ongoing concerns, government considers ban on corporate members on LLPs and FRC stresses importance of true and fair accounting to avoid misleading accounts, while FRSSE consultation is set for summer 2014

1 Jul 2014

Finance | International reporting: July 2014

The latest discussions at the International Accounting Standards Board (IASB) meeting focused on re-exposing the standard on definition of assets and a contentious proposal on equity, writes Peter Walton

1 Jul 2014

Finance | IASB issues IAS 16 reporting rules for bearer plants

The much-debated revisions to the standard on the financial reporting of bearer plants as property, plant and machinery, have now been published by the International Accounting Standards Board (IASB), effectively changing the status of bearer plants, such as grape vines, rubber trees and oil palms, for accounting purposes

30 Jun 2014

Finance | Editor's comment: countdown to FRS 102

There are rumblings of discontent afoot as accountants begin to take onboard the imminent changes to UK GAAP, with whispers that it’s just the regulators creating work for their august bodies, writes Sara White

20 Jun 2014

Finance | EU adopts IFRIC 21 on liabilities reporting

The EU has published a Commission Regulation endorsing IFRIC 21 Levies, issued by the International Accounting Standards Board (IASB) in May 2013

19 Jun 2014

Image for frc plans consult frsse 2015 small business

Finance | FRC plans to consult on FRSSE 2015 for small business

Plans to issue an exposure draft for revised accounting standards for small companies that report under the Financial Reporting Standard for Smaller Entities (FRSSE) have been delayed due to the pending introduction of the EU Accounting Directive.

13 Jun 2014