Accounting standards

Accounting / IFRS Foundation to remain in London

The IFRS Foundation, the governance and oversight body of the International Accounting Standards Board (IASB) is to move office, but remain in London following when the lease expires on its current location at Cannon Street in the City

Accounting / FRC to review impact of IFRS 9 and IFRS 15

The Financial Reporting Council (FRC) has announced the topics and areas it will focus on over the next year, which include AIM quoted company reports, the impact of new IFRS standards for revenue and financial instruments, and the effect of Brexit on companies’ disclosures

Accounting / EU approves use of IFRS 16 Leases accounting standard

​The European Commission has endorsed the use of IFRS 16 Leases in EU member states following release of the latest IFRS Standards and amendments update

Accounting / IPSASB issues revised cash basis accounting IPSAS

The International Public Sector Accounting Standards Board (IPSASB) has published a revised IPSAS, Financial Reporting under the Cash Basis of Accounting (the Cash Basis IPSAS) in a bid to simplify and encourage wider adoption

Accounting / PRA note to bank non executive directors over IFRS 9 preparations

The Prudential Regulation Authority (PRA) has published a note for non executive directors on getting ready for the implementation of IFRS 9 Financial Instruments, saying it is important, particularly for those who are also on a firm’s audit committee, to engage with the new standard and challenge management effectively

Accounting / Guidance for government bodies on sustainability reporting

The Treasury has published guidance on sustainability reporting in the public sector, outlining minimum requirements, some best practice guidance, and the underlying principles to be adopted in preparing the information

Accounting / Accounting updates: November 2017

In this month’s roundup of developments in accounting and financial reporting, UK needs to align with IFRS post-Brexit, FRC proposes amendments to FRS 102 for Gift Aid payments, intangibles reporting

Accounting / ESMA lists priority areas for financial statement assessment

The European Securities and Markets Authority (ESMA) will be focusing on disclosures under IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers as a key part of their priorities in assessing listed companies’ 2017 financial statements

Accounting / FRC consults on annual review of FRS 101

The Financial Reporting Council (FRC) has released FRED 69 covering its annual review of FRS 101 Reduced Disclosure Framework and has concluded no changes are required at this point, with work on IFRS 17 Insurance Contracts deferred until a clearer picture of the progress of its endorsement is known

Accounting / IFRS 9 adoption could wipe £2bn off Barclays’ net worth

Barclays has revealed that the estimated impact of adopting IFRS 9 Financial Instruments is a £2bn post tax decrease in shareholders’ equity while Lloyds Banking Group believes IFRS 9 will not have an impact on its capital position

Accounting / Marshall: IFRS 9 will affect companies beyond banks and financial institutions

The imminent effective date for IFRS 9 Financial Instruments is only two months away but there are concerns that some listed companies and group subsidiaries are not aware of the impact of the new standard on classification, impairment and hedging, warns Andrew Marshall FCA, senior technical partner at KPMG UK

Accounting / International reporting: final sprint to IFRS 9

Under the pending IFRS 9 Financial Instruments dynamic risk management is one way to replace the existing hedge accounting rules in IAS 39 for portfolio hedging, but how would this work, asks Jeroen Van Doorsselaere, VP of risk and finance at Wolters Kluwer

Accounting / IFRS 15 rollout will stop mobile networks overcharging after contracts end

Telecoms giants Vodafone, EE and Three are continuing to charge customers extra for a handset after this cost has been covered in their fixed deal, research suggests, despite the looming prospect of IFRS 15 Revenue from Contracts with Customers

Accounting / FRS 101: disclosure exemptions explained - part 2

Anne Cowley ACA examines the disclosure requirements and exemptions provided under FRS 101 Reduced Disclosure Framework, and explains how to make the most of reporting under this accounting regime and any potential pitfalls for reporters

Accounting / FCA mines Rio Tinto for record £27m fine over disclosure failings

FTSE 100 mining giant Rio Tinto has been fined a record £27.4m by the Financial Conduct Authority (FCA) for breaching disclosure and transparency rules, and is also facing fraud charges brought by the Securities and Exchange Commission (SEC) in the US against both the company and its former CEO and CFO