Accounting

Accounting / IASB plans amendments to IFRS 9 to address cashflow risks

The International Accounting Standards Board (IASB) is planning minor amendments to the financial instruments standard, IFRS 9, before it has even come into force to address concerns over pre-payable financial assets

Tax / President Trump signs executive orders on Dodd-Frank

The move towards an overhaul of the Dodd-Frank Act in the US is progressing with the issue of two executive orders following President Trump’s February announcement of a complete review of the effectiveness of the legislation 

Accounting / Financial reporting for LLPs under revised SORP: tips and advice

Under the revised accounting SORP for LLPs, small partnerships must exercise increased judgment in disclosures when applying new accounting rules which take into account new UK GAAP, explain Andrew Baker, head of professional services group, north west, and Colin Burns, technical director, RSM

Accounting / Companies House to reduce costs by 3.5% despite increase in workload

Companies House has outlined plans to reduce costs of baseline activities by 3.5%, despite having an increased workload, and will focus investment on improvements to digital services, expecting to have digital filing options for 99% of accounts by March 2018

Accounting / Small business accounts: investment property - part 5

In the fifth of our exclusive series on small company accounting, Anne Cowley examines the key new UK GAAP changes for small businesses accounting for investment property and explains how small rule changes can create substantial challenges 

Accounting / Accountant in £200k fraud at London Metal Exchange

Annmarie Norris, who worked her way up to become head of the accounting department at the London Metal Exchange (LME) despite not having a professional qualification, has been jailed for 32 months for a £200,000 fraud, which the court heard was facilitated by ‘extremely lax’ accounting practices

Accounting / FRC Lab kicks off risk and viability reporting project

The Financial Reporting Council Lab is kicking off a project on risk and viability reporting and is looking for companies, investors and analysts to participate in the research by 21 April

Accounting / London-listed mining company finds £3.3m hole in accounts

Asa Resource Group, a pan-African resources company listed on London’s alternative investment market (AIM), has reported ‘strong evidence’ that $4.3m (£3.3m) of funds from one of its mines in Zimbabwe have gone missing, and has dismissed its chief executive and group finance director

Accounting / Integrated reporting hampered by silos

The adoption of integrated reporting (IR) can be challenging but it generates organisational, reputational and commercial benefits, according to research by ACCA into a range of IR adopters

Accounting / Companies Act: share capital and restructuring pitfalls - part 3

In part three of our series on share capital and the Companies Act 2006, Anne Cowley ACA gives a snapshot of some of the key opportunities and potential pitfalls for companies considering changing their corporate structure

Accounting / Tesco’s £129m DPA confirmed

Tesco has confirmed that its subsidiary, Tesco Stores Ltd, has entered into a deferred prosecution agreement (DPA) with the Serious Fraud Office (SFO), under which it will pay a £129m fine, marking the conclusion of the regulator’s investigation into accounting irregularities at the grocery retailer

Accounting / IAS 21: hedging currency in a Brexit world

Foreign exchange volatility is one of the most worrying factors in the run-up to Brexit. Armaghan Haq of Lloyds Banking Group examines the implications of a volatile sterling and possible remedial action under IAS 21 accounting requirements

Accounting / Companies House plans Easter downtime

Most of Companies House’s online services will not be available over the Easter holiday period due to planned maintenance

Accounting / ICAEW publishes guidance on dividend and distributable profit payouts

ICAEW and ICAS have published the long-awaited guidance Tech 02/07BL on realised and distributable profits, covering treatment of dividends, which now takes into account the impact of FRS 102 accounting rules

Accounting / FCA ban and fine for CFO of failed spread betting firm

The former chief financial officer (CFO) and former financial controller of spread betting company Worldspreads Ltd (WSL) have both been banned and fined by the Financial Conduct Authority (FCA) over claims of market abuse at the company, which went into administration after a £15m black hole was uncovered in the client money accounts
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