Law and regulation

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

Accounting / Tesco opens £85m compensation scheme for investors hit by accounting scandal

Tesco has opened its compensation scheme for shareholders who lost money as a result of the supermarket giant overstating its profits in 2014, with administrators, KPMG, accepting claims until 22 February 2018

Accounting / FRC consults on non-financial reporting guidance

The Financial Reporting Council (FRC) is consulting on amendments to its guidance on the strategic report, designed to take into account the new regulations for non-financial reporting that are effective for financial periods beginning on or after 1 January 2017

Accounting / IFAC issues guidance on accountancy regulation

The International Federation of Accountants (IFAC) has published guidance to support countries in developing an effective professional accountancy organisation (PAO), to reflect changes in regulation in recent years and the need to adapt to and actively influence the national environment

Accounting / Legal updates: August 2017

In this month's legal updates, experts at law firm Gateley plc consider consent powers and absolute veto in Watson case, money laundering rules tightened, Canadian oil company faces accounting fraud charge