Accounting Standards

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Finance | IFRS 17 will hit public sector risk adjustments

The Government Actuary’s Department (GAD) is working with government departments and public sector organisations to clarify the new insurance reporting requirements

10 Jun 2022

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Finance | IFAC calls for simplified approach to sustainability standards

Concerns about potential complexity of new sustainability standards has seen capital markets groups and accountants join forces to call for a simplified approach

7 Jun 2022

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Finance | FRC concludes FRS 101 review without changes

The Financial Reporting Council (FRC) has issued Amendments to Basis for Conclusions FRS 101 Reduced Disclosure Framework 2021/22 cycle

23 May 2022

UK GAAP

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Finance | Sustainability standard baseline by late 2022

The International Sustainability Standards Board (ISSB) has outlined the necessary steps required to establish a comprehensive global baseline of sustainability disclosures by the end of 2022

19 May 2022

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Finance | FRC tips on improving complex discount rate reporting

The Financial Reporting Council (FRC) has published a review of the use and problems related to accounting for discount rates, including dealing with complexity

18 May 2022

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Finance | IFRS 17 Insurance Contracts approved for use in UK

The UK Endorsement Board (UKEB) has approved the adoption of the International Accounting Standards Board’s (IASB) IFRS 17 Insurance Contracts for use by UK companies

17 May 2022

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Finance | Sustainability standards must not create more reporting

The government plans to consult on endorsement plans for future sustainability standards by the end of the year but will aim to consolidate reporting requirements to reduce overlap

16 May 2022

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Finance | ISQM (UK) 1 and the risk assessment process

As firms begin to realise the fast approaching deadline of complying with new requirements under quality management standard ISQM (UK) 1, Helen MacNeill FCA and Sarah Baxendale FCA look in more detail at the risk assessment process

20 Apr 2022

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Finance | FRC plans outreach before finalising FRS 102 review

The Financial Reporting Council (FRC) plans to consult on possible amendments to UK GAAP in September following a series of roundtables with stakeholders

6 Apr 2022

UK GAAP

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Finance | Treasury to regulate cryptocurrency stablecoins

The government plans to regulate stablecoins cryptocurrency as part of a wider aim to make the UK a hub for digital payment companies

5 Apr 2022

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Finance | IFRS for SME rules on revenue recognition under review

At a meeting of the International Accounting Standards Board (IASB), members of the IFRS for SMEs working group discussed possible simplifications to the accounting rules

30 Mar 2022

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Finance | Limited liability partnerships (LLP) SORP for 2022

Following the release of the latest LLPs SORP, Kate Beeston ACA from Croner-i and Janet Milligan ACA from the LLP SORP steering group set out the key changes and the practical impact for preparers and auditors of limited liability partnership accounts

16 Mar 2022

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Finance | UKEB searches for expert accounting members

The UK Endorsement Board (UKEB) has launched a campaign to recruit over 50 advisory group members to input into technical decision-making on international accounting standards

9 Mar 2022