IFRS

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Finance | Accounting updates: Jan 2017

In this month’s roundup of developments in accounting and financial reporting, FRC clarification on what constitutes 'true and fair', FRS 101 amended to align with IFRS 16 Leases, FCA to tighten crowdfunding regulations

3 Jan 2017

Tax | Editor's comment: a taxing year of uncertainty for accountants

From the shock Brexit vote to concerted efforts to slow the pace of Making Tax Digital and first-time adoption troubles for UK GAAP reporters, 2016 was a turbulent year for accountants and tax advisers, says Sara White

28 Dec 2016

Finance | XHTML tagging required for annual financial statements from 2020, says ESMA

From January 2020, listed companies across the EU reporting under IFRS will have to use a specific digital format to present their financial statements to comply with the EU Transparency Directive

22 Dec 2016

Finance | FRC holds firm on ‘true and fair’ dividends reporting

The Financial Reporting Council (FRC) has made clear it is holding to its view that Companies Act legislation does not require companies to publish detailed information on dividend payments in order to provide ‘true and fair’ accounts under IFRS, in response to a challenge from the House of Lords economic affairs committee

22 Dec 2016

Finance | International reporting: review of the IFRS year

A mixed year for IFRS as IFRS 16 Leases was launched and the revenue recognition standard IFRS 15 was tweaked, but on the whole the International Accounting Standards Board has reined in on activity, says Jeroen Van Doorsselaere, vice president, risk & finance, Wolters Kluwer Financial Services

21 Dec 2016

Finance | IASB sets deadline for release of Conceptual Framework

The International Accounting Standards Board (IASB) has confirmed that it will work towards releasing a revised Conceptual Framework in mid 2017 with the IFRS 17 insurance contracts standard slated for March

20 Dec 2016

Finance | Marshall: what does Brexit mean for accounting standards?

The Brexit vote could have long-term implications for the use of IFRS in the UK. Andrew Marshall FCA considers the pitfalls and potential options for UK accounting standards once the UK leaves the EU

20 Dec 2016

Finance | FRC consults on limited FRS 101 amendments relating to leases

The Financial Reporting Council (FRC) is consulting on limited amendments to FRS 101 Reduced Disclosure Framework in relation to IFRS 16 Leases in a bid to reduce the administrative reporting burden

14 Dec 2016

Finance | Minor amendments to IFRS 1 and IFRS 12 released

The International Accounting Standards Board (IASB) has issued several minor amendments to IFRS 1 and IFRS 12 clarifying the requirements of the particular accounting standards in a bid to maintain compliance levels

9 Dec 2016

Finance

Accounting Standards

IFRS

Finance | IASB commits to IFRS 17 release to combat ‘accounting anarchy’

The International Accounting Standards Board (IASB) has confirmed it expects to publish its new insurance contracts standard, IFRS 17, in the first half of 2017, with chairman Hans Hoogervorst describing the release as coming ‘not one day too soon’

7 Dec 2016

Finance | Lords seek FRC clarification on true and fair

The Financial Reporting Council (FRC) has so far remained tight-lipped on requests from the House of Lords Economic Affairs Select Committee to clarify what constitutes ‘true and fair’

2 Dec 2016

Finance | Updates to IFRS Foundation constitution

The trustees of the IFRS Foundation, responsible for the oversight and governance of the International Accounting Standards Board (IASB), have amended its constitution, reducing the size of the board from 16 to 14 and reclassifying the geographical distribution of trustees

1 Dec 2016

Leadership & Management

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Finance | EU adopts IFRS 9 Financial Instruments for 2018 rollout

The EU has formally endorsed IFRS 9 Financial Instruments for use across member states, reflecting the changes to global accounting standards and replacement of IAS 39

30 Nov 2016

Finance | IFRS 9 set to raise compliance costs for financial institutions

As deadlines loom for the introduction of new IFRS standards and changes to regulatory frameworks, financial institutions must ensure they have the right finance, risk and regulatory reporting management systems in place to manage the added workload and rein in compliance costs, warn IFRS experts at Wolters Kluwer

22 Nov 2016

Finance | Rolls-Royce reveals adopting IFRS 15 would have cost £900m

Rolls-Royce PLC shares have fallen by 3% following the company reporting that its profits for last year would have been £900m lower if it had adopted IFRS 15, the accounting standard on revenue recognition

16 Nov 2016

Finance | IASB set to focus on insurance IFRS in five-year plan

The International Accounting Standards Board (IASB) has released details of its five-year plan for 2017-21 confirming that the conceptual framework and revised IFRS for insurance contracts will be priorities

2 Nov 2016