Financial reporting

Accounting / Charities must comply with financial sanctions requirements

Charities need to ensure they comply fully with the latest financial sanctions rules, warns the Office of Financial Sanctions Implementation (OFSI)

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 / Time to prepare for the General Data Protection Regulation (GDPR)

Businesses are being warned to prepare in advance for the introduction of the EU General Data Protection Regulation (GDPR), which come into force from May next year. Sophie Brookes, partner and professional support lawyer at Gateley plc, outlines the key changes as part of the new data regulations

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

Accounting / BEIS consults on streamlining energy and carbon reporting

The Department for Business, Energy and Industrial Strategy (BEIS) is consulting on proposals for streamlined energy and carbon reporting within the Companies Act 2006 business reporting framework, in a bid to reduce administrative burdens, raise awareness of energy efficiency, reduce bills, and save carbon

Accounting / IASB consults on narrow-scope amendments to IFRS 9 and IAS 28

The International Accounting Standards Board (IASB) is consulting on minor amendments to IFRS 9 Financial Instruments and to IAS 28 Investments in Associates and Joint Ventures to aid implementation, even before IFRS 9 is implemented

Accounting / FRC tips for 2017/18 annual reporting requirements

The Financial Reporting Council (FRC) has written to companies to highlight changes to reporting requirements and key areas where improvements can be made when preparing annual reports for the 2017/18 reporting season, with a particular focus on meeting investors’ requirements

Accounting / IFRS Foundation promotes communication in financial statements

The IFRS Foundation has published a case study report showing how companies from different parts of the world have improved communication in their IFRS financial statements, in a bid to encourage improvements in reporting

Accounting / FRC ends probe into PwC over Barclays client asset protection failures

The Financial Reporting Council (FRC) has announced the closure of its investigation into PwC’s conduct in relation to its role in reporting to the Financial Services Authority (FSA), now the Financial Conduct Authority (FCA), on Barclays Bank’s compliance with the FSA’s client asset rules, which saw the bank hit with a £37m fine for serious failings

Accounting / FRC reports dividend disclosures improving

The quality and quantity of dividend policy and practice disclosures has improved, with over half of FTSE 100 companies disclosing information about distributable profits or distributable reserves, according to a study by the Financial Reporting Council (FRC) financial reporting lab

Accounting / Tesco fraud trial to hear evidence from chairman

Richard Broadbent, former Tesco chairman, is to be a witness at the ongoing trial of three former Tesco senior executives, including ex-UK finance director Carl Rogberg, on charges of fraud and false accounting

Accounting / People with significant control (PSC) register – NEW CPD module

This month's CCH Daily CPD module focuses on the People with Significant Control (PSCs) legislation, covering the scope and identification of PSCs, relevant legal entities, indirect interests and how to maintain the PSC register

Accounting / Scottish government accounts ‘sound’, auditor general says

Scotland’s auditor general has found that the Scottish government produced a sound financial report for 2016/17 and managed its budget effectively, but has underlined the need for further improvements as new financial powers are introduced

Accounting / Accounting updates: October 2017

In this month’s roundup of developments in accounting and financial reporting, switch to IFRS 15 hits Capita's 2016 profits, Companies House rejects some micro entity accounts, Charity Commission annual return service launched

Accounting / Online platform to improve not-for-profit reporting

CIPFA has launch a new online platform that seeks to improve understanding of the varying financial reporting methods of not-for-profit organisations around the world, by bringing together information on national guidance into one place so that approaches across different countries can be compared directly