Law and regulation

Accounting / Companies Act 2006 Part 1: pros and cons of incorporation

This article, the first in our series on the Companies Act 2006, outlines the advantages and disadvantages of incorporating a company, taking into account elements such as taxation, ownership, expenses and the withdrawal of capital

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 / Legal updates: November 2017

In this month's legal updates, experts at law firm Gateley plc outline corporate tax evasion offences under the Criminal Finances Act, the key changes as part of the new General Data Protection Regulation (GDPR) and consider whether the Duomatic principle could be invoked in order to validate the appointment of administrators

Accounting / FCA fines Merrill Lynch £34.5m over derivatives reporting failures

The Financial Conduct Authority (FCA) has fined Merrill Lynch International (MLI) £34.5m for failing to report tens of millions of exchange traded derivative transactions over a two-year period under the European Markets Infrastructure Regulation (EMIR)

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

Tax / Corporate tax evasion offences - what you need to know

Sophie Brookes, partner and professional support lawyer at Gateley plc, outlines the two new corporate tax evasion offences forming part of the Criminal Finances Act 2017, which make organisations liable for failing to prevent employees or agents from facilitating tax evasion

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 / 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 / Legal updates: October 2017

In this month's legal updates, experts at law firm Gateley plc on government response to corporate governance shakeup and proper purpose and register of members

Accounting / FRC announces interim executive counsel

The Financial Reporting Council (FRC) has appointed Claudia Mortimore as interim executive counsel and director of enforcement from 1 November 2017, following the resignation of Gareth Rees earlier this month

Accounting / Legal updates: September 2017

In this month's legal updates, experts at law firm Gateley plc consider execessive remuneration, fiduciary duties at charitable company, government to debate Repeal Bill and Scottish partnerships hit by PSC register rule change

Accounting / Companies House accepting micro entity accounts under small companies regime

Micro entities filing filleted accounts which have been rejected by Companies House should ensure their accounts state that they have been prepared in accordance with the provisions applicable to micro entities and delivered in accordance with the small companies’ regime, reports Calum Fuller

Accounting / FASB updates hedge accounting standard

The US Financial Accounting Standards Board (FASB) has issued its long-awaited accounting standards update (ASU) to improve and simplify accounting rules around hedge accounting, the final component of its financial instruments convergence project with the International Accounting Standards Board (IASB)

Accounting / CCAB issues draft anti-money laundering guidance for accountants

CCAB has issued draft guidance on anti-money laundering for all entities providing audit, accountancy, tax advisory, insolvency or related services, including trusts and company services, pending final Treasury approval, to comply with new rules effective from 26 June