IFRS

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Finance | UK Endorsement Board names line-up for standard setting board

The UK Endorsement Board (UKEB) has appointed 10 board members to the new body, set up to endorse and adopt new or amended international accounting standards in the UK after Brexit

22 Mar 2021

Finance

Accounting Standards

IFRS

Finance | International reporting: regulatory assets and liabilities under IFRS 14

The IFRS standard setter is currently consulting on the accounting rules for regulatory assets and regulatory liabilities under IFRS 14 and their impact on financial performance. Jeroen Van Doorsselaere examines the impact on P&L

18 Mar 2021

Finance | Bridging the gap for business combinations under common control

Sarah Baxendale FCA, senior technical writer at Croner-i, examines accounting choices made by companies in accounting for common control transactions under IFRS 3 Business Combinations

10 Mar 2021

Finance

Financial Reporting

IFRS

Finance | IASB plans extension of IFRS 16 support for lessees

The International Accounting Standards Board (IASB) has published a two-week consultation on a proposal to extend by one year the application period of the amendment to IFRS 16 Leases issued in 2020 to help lessees accounting for covid-19-related rent concessions

15 Feb 2021

Finance

IFRS

Audit Consultations

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Finance | International reporting: subsidiary accounts and banking standards

Jeroen Van Doorsselaere assesses the latest developments from the International Accounting Standards Board, including updates on how the banking sector has responded to the pandemic and the use of primary financial statements

11 Feb 2021

Finance

Financial Reporting

IFRS

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Finance | IASB issues going concern reporting guidance

The International Accounting Standards Board (IASB) has issued guidance on how to apply going concern judgments when finalising annual reports as covid-19 impacts revenue

4 Feb 2021

Finance | International reporting: the Covid-19 impact and opportunities ahead

To some last year’s travails were a first test for the changed IFRS standards that took on new forms after the 2008 crisis. Others, meanwhile, were calling out for exceptional measures, as opposed to trusting in the standard frameworks. Jeroen Van Doorsselaere explains

18 Jan 2021

Finance | UK standards Endorsement Board starts work

The UK Endorsement Board (UKEB), the body tasked with endorsing and adopting international accounting standards now that the UK has left the EU, has officially launched

7 Jan 2021

Finance | Accounting updates: 2020 highlights

In a round-up of the biggest accounting stories of the year, we look at accounting and disclosure errors, financial and non-financial reporting standard reviews, Brexit transition planning and FRC warning on cashflow errors

22 Dec 2020

Finance | International reporting: climate disclosures and ESG reporting

Jeroen Van Doorsselaere considers environmental, social and governance (ESG) in financial statements and the importance of disclosure accuracy when reporting climate-related matters

21 Dec 2020

Finance | WPP and Deloitte find accounting standards errors

WPP, the world’s biggest advertising group, is to restate its financial statements from 2017 to 2019, after discovering its most recently reported statutory losses were under-stated by £301m

16 Dec 2020

Finance | IASB reviews group accounting standards

The International Accounting Standards Board (IASB) is seeking feedback on three IFRS standards for group accounting, in order to assess their usefulness to users of financial statements, the ease of implementation and any unexpected costs of application

10 Dec 2020

Finance | IFRS 17: amendments to accounting insurance standard problematic

Recent tweaks to IFRS 17 Insurance Contracts have provided some much needed clarity, but there is still room for interpretation and a financial hit when insurance companies first adopt the accounting standard in 2023, warn Michael Winkler and Sunil Kansal FCA of Shasat Consulting

8 Dec 2020

Finance | Call to enhance IAS 37 disclosures for pollution clean-ups

Ambiguities in the existing international accounting standards have resulted in a lack of transparency about the decommissioning and clean-up costs incurred by pollution-prone industries, resulting in potential liabilities for taxpayers, according to ICAS

7 Dec 2020

Finance | FRC consults on property and plant exemption in FRS 101

The Financial Reporting Council (FRC) is consulting on minor amendments to FRS 101 Reduced Disclosure Framework as part of the 2020/21 review cycle to keep it in line with IFRS

2 Dec 2020

Finance | IASB set to amend IFRS 3 for M&As under common control

The International Accounting Standards Board (IASB) is consulting on possible new accounting requirements under current IFRS 3 standard for mergers and acquisitions involving companies within the same group

1 Dec 2020