Financial reporting

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 / Official warning to Maidenhead charity over accounting failures

The Charity Commission has issued an official warning to the Islamic Trust (Maidenhead) after finding misconduct and mismanagement in the administration of the charity

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 / MPs told Carillion’s accounting policy ‘aggressive’

MPs have been told that accounting policies at Carillion became ‘more aggressive’, while the company was not paid for over 18 months on a key building contract in Qatar, as part of an evidence session to a joint select committee looking into the outsourcer’s collapse early this year

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 / Homebase owner Bunnings plans £454m goodwill write-off

Two years since the takeover of DIY chain Homebase by Australian company Bunnings, the company has issued a warning about a multimillion goodwill write-off in the next set of half year results for the Group

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 / IFRS 16: are you ready? – NEW CPD module

This month's exclusive CCH Daily CPD module focuses on the review and scope of IFRS 16 Leases, which is effective for periods beginning on or after 1 January 2019

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