Accounting

Accounting / Young: scale of Carillion insolvency masks fundamental problems

As is often the case with high profile business failures, Carillion’s insolvency has a number of unusual features, not least its political dimension. In other ways, it is simply a familiar story on a larger scale, says Nathanael Young, senior associate in the commercial litigation and dispute resolution team at SA Law

Accounting / Overseas companies buying UK property face clampdown

The government plans to publish a public register of the ultimate owners of overseas companies that own or buy property in the UK in a bid to improve transparency and crack down on criminal gangs laundering dirty money through the property market

Accounting / NAO slams lack of analysis of private finance initiative deals

The National Audit Office (NAO) has published a scathing report on the rationale, costs and benefits of the government’s private finance initiative (PFI) which says there is still a lack of data available on the benefits of this approach to procurement, and warns it is difficult to establish whether it offers value for money

Accounting / Charity accounts: what trustees need to look out for

Many trustees will be expert in accounting, but will still find charity accounts a bit of a mystery. Other trustees will not have much financial training but they are equally responsible for the financial governance of the charity. Judith Miller, partner at Sayer Vincent explains how to make sense of charity accounts

Accounting / Companies Act 2006 Part 10: director disqualification

This article, the tenth in our series on the Companies Act 2006, will focus on what powers directors have outlining the rules around borrowing money from the company and how directors can be disqualified

Accounting / End of pseudo hedge accounting under FRS 102 and IFRS

Does the recent IFRIC policy statement on hedge accounting mean the end of the use of pseudo hedging under IFRS and FRS 102 accounting, asks Zwi Y Sacho CA(SA), FCA, director of the corporate accounting advisory practice at Chatham Financial Europe

Accounting / 2018: a year of uncertainty for IFRS reporters

The full impact of IFRS 9 Financial Instruments will be felt in 2018 as major financial institutions get to grips with the latest IFRS standard, but it is important not to forget other major changes in the pipeline with IFRS 15 on revenue recognition, IFRS 16 on leasing and further out IFRS 17 Insurance Contracts. Jeroen Van Doorsselaere considers the key IFRS issues to watch out for in 2018

Accounting / Call for greater clarity in sustainable development reporting

Almost all UK businesses and nearly two-thirds of global firms are now reflecting the UN’s sustainable development goals (SDGs) in their corporate reporting, according to research from PwC which suggests the move will help to significantly shift the dial in eradicating poverty and climate change

Accounting / FRS 101: transition tips and advice - part 5

Anne Cowley ACA explains the key transition steps when moving to FRS 101 Reduced Disclosure Framework, whether transitioning from FRS 102, FRS 105 Micro-entities Regime or International Financial Reporting Standards (IFRS)

Accounting / FTSE 250 company to check cheque controls

FTSE 250 building products supplier SIG, which is a leading distributor of specialist building products in Europe, has said it is to review the controls around cheque issuance after a historical overstatement of cash and trade payables resulted in higher closing net debt for 2017

Accounting / Winton: closing defined benefit pension scheme at BA highlights liabilities

British Airway’s decision to close the New Airways Pension Scheme (NAPS) raises the risk of defined benefit pension liabilities and highlights the problems with a focus on dividend policy, warns Anne-Marie Winton, partner at ARC Pensions Law LLP

Accounting / Companies Act 2006 Part 9: directors’ duties

This article, the ninth in our series on the Companies Act 2006, will focus on the statutory duties of directors, considering the implications around avoiding conflicts of interest, exercising independent judgments and promoting the company

Accounting / FASB to simplify leasing standard implementation

The Financial Accounting Standards Board (FASB) is consulting on changes to the US leases standard in a bid to reduce costs and ease implementation, in response to stakeholder concerns

Accounting / FRC issues agenda for 2018/19 priorities meeting

The Financial Reporting Council (FRC) has set the date for the 2018/19 priorities meeting where it will set out its key objectives and work plan for the next 12 months

Accounting / FCA investigating Carillion over financial announcements

Struggling outsourcing company Carillion, which is a major government supplier, has revealed it is subject to a Financial Conduct Authority (FCA) investigation over the ‘timeliness and content’ of some of its financial announcements
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