Accounting standards

Accounting / Companies Act 2006 part 14: group accounts

This article, the fourteenth in our series on the Companies Act 2006, will focus on preparing group accounts, outlining the various accounting frameworks, small companies’ regime and reporting regulations

Accounting / IASB issues amended IAS 19 pension accounting standard

The International Accounting Standards Board (IASB) has issued narrow-scope amendments to pension accounting in relation to IAS 19 Employee Benefits

Accounting / Companies Act 2006 part 13: individual accounts

This article, the thirteenth in our series on the Companies Act 2006, will focus on the preparation of individual accounts looking into Financial Reporting Standards (FRS) and International Accounting Standards (IAS) 

Accounting / Tesco trial abandoned as defendant falls ill

The Tesco trial over accounting irregularities regarding misstatement of profits has been abandoned as a key defendant, former finance director Carl Rogberg has had a heart attack

Accounting / IPSASB consults on accrual-focused workplan

The International Public Sector Accounting Standards Board (IPSASB) is consulting on its proposed strategy and work plan for 2019-2023, with a focus on increasing adoption of accruals-based standards as a way of strengthening public financial management globally

Accounting / Investigation into Welsh charity over non-SORP accounts

The Charity Commission has opened a new statutory inquiry into the Cymmer Workmens Hall and Institute, over concerns about the charity’s governance, trading activities and accounting policies

Accounting / IFRS 17 Insurance Contracts: will the benefits outweigh the costs?

David Holliday, senior manager at KPMG and insurance accounting specialist, explains the impact of IFRS 17 on insurance companies from new presentation and disclosure requirements to the measurement approach to calculation of expected values and recognising revenue

Accounting / Deloitte named as defendant in Steinhoff class action

Deloitte is facing a class action from Dutch law firm BarentsKrans, which is bringing legal proceedings on behalf of shareholders in Steinhoff International Holdings, owners of Poundland, after the South African company’s share price was hit by news of accounting irregularities

Accounting / IPSASB proposes public sector leasing accounting model

The International Public Sector Accounting Standards Board (IPSASB) is consulting on a new lease accounting model for the public sector which proposes moving to a single right-of-use model to replace the risks and rewards incidental to ownership model in IPSAS 13, Leases

Accounting / FTSE 250 firm SIG reports accounting irregularities

FTSE 250 building products supplier SIG has revealed its profits for 2016 have been overstated by up to £3.7m, with possible further overstatements in prior years, after a whistle-blower alerted the company to accounting irregularities which have been confirmed by forensic accountants

Accounting / Accounting updates: February 2018

In this month’s roundup of developments in accounting and financial reporting, Charity Commission launches amended annual return requirements, Carillion collapses as banks refuse to extend credit line, Companies House introduces abridged accounts service

Accounting / IASB updates 2018 work plan

The International Accounting Standards Board (IASB) has published an updated work plan for the year, which shows it plans to publish an updated conceptual framework in March 2018, and is expecting to release a number of exposure drafts in the first two quarters

Accounting / FASB simplifies US adoption of leases standard for land rights of way

The US Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) to Leases (Topic 842) that clarifies the application of the new leases guidance to land easements and eases adoption requirements for some rights of way reporting

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 / 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