In this month’s roundup of developments in accounting and financial reporting, Companies House six-year data wipe plan shelved, FDs hit with £5,000 senior accounting officer compliance fines, former RSA CFO censured over financial statements

The International Accounting Standards Board (IASB) is consulting on future steps to improve the quality and effectiveness of disclosures in financial statements with a view to overhauling IAS 1 Presentation of Financial Statements

The Basel Committee on Banking Supervision (BCBS) has released details of the interim regulatory treatment of accounting provisions and standards for transitional arrangements in the run-up to IFRS 9 implementation

The International Accounting Standards Board (IASB) is consulting on proposals to make minor amends to IFRS 8 Operating Segments, with a new requirement to disclose the title and role of the influential decision maker

The International Accounting Standards Board (IASB) is to amend IAS 34 Interim Financial Reporting to tweak reporting dates to require companies that change their segments to provide restated segment information in the first interim report after the change

Tesco is to pay £129m under the terms of a deferred prosecution agreement (DPA) to be formally confirmed next month, to settle a probe by the Serious Fraud Office (SFO) into accounting practices at the retailer which resulted in a £263m black hole in its half year interim results in 2014. The supermarket giant will also pay out £85m to affected shareholders via a scheme which will be set up and run by KPMG, reports Pat Sweet

Nearly 75% of OECD countries have adopted accrual accounting for their year-end financial reports and more than a quarter now prepare their annual budgets on an accrual basis, according to research by the International Federation of Accountants (IFAC) and the OECD

IFRS 15 Revenue from Contracts with Customers comes into force from next year but has been surpassed by businesses focussing on IFRS 9, IFRS 16 and IFRS 17. Jeroen Van Doorsselaere, vice president of risk and finance at Wolters Kluwer, outlines the new rules on revenue recognition under IFRS 15

The Financial Reporting Council (FRC) is consulting on proposals to make some significant changes to FRS 102 to clarify loan definitions and alter the market definition of some directors loans 

The European Banking Authority (EBA) has issued an opinion on the transitional arrangements and credit risk adjustments to mitigate the effect of the accounting standard IFRS 9 Financial Instruments on prudential ratios, warning that it could mean banks recognise lower loan-loss provisions or impairments than they do at present

Alex Aronsohn FRICS, technical director at the International Valuation Standards Council (IVSC) examines the main changes to IVS 2017 which is due to come into force from July 2017 and considers what it means for valuation professionals and accountants

The IFRS Foundation has published the IFRS Taxonomy 2017, which reflects the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) at 1 January 2017, including standards published but not yet effective