Accounting

Tax / HMRC issues guidance on tax treatment for FRS 105 accounts

HMRC has issued guidance on the tax implications of transition to the new accounting rules for small business under the FRS 105 Micro-entities Regime, as the first year of reporting under the FRSSE replacement comes into effect, setting out recommended tax treatment

Accounting / FRC to remove estimated cashflow reporting in statements

The Financial Reporting Council (FRC) has published feedback to its consultation on improving the statement of cashflows with the majority of respondents agreeing with proposals that estimated cashflows should not be reported in the statements and that the direct method statement should continue to be allowed 

Accounting / Small business accounts: abridged accounts - part 8

Under the small company accounting regime businesses can produce abridged accounts with truncated primary statements. Anne Cowley ACA explains how to use abridged accounts, which should not be confused with the old abbreviated accounts

Accounting / Call for FRC to increase staffing and scope

The Financial Reporting Council (FRC) needs to consider additional staffing, and a wider selection model in order to improve its enforcement activities, according to a peer review by the European Securities and Markets Authority (ESMA) into how national competent authorities (NCAs) supervise financial information according to the guidelines

Accounting / Call for insurers to act on insurance standard

The Financial Stability Board (FSB) has put its weight behind the new insurance contracts standard, IFRS 17, and is calling for insurers to begin implementing the standard as soon as possible

Accounting / IASB challenged to make reporting more ‘relevant and enticing’

The International Accounting Standards Board (IASB) should be looking at making financial statements shorter, more relevant and more enticing to read, and with greater use of technology, according to feedback from the Financial Reporting Council (FRC) and the European Financial Reporting Advisory Group (EFRAG)

Accounting / CIPFA/IFAC launch public sector financial accountability index

The International Federation of Accountants (IFAC) and CIPFA have launched a public sector financial accountability index to provide an overview of public sector financial reporting quality on a global basis

Accounting / EU sustainability expert group backs integrated reporting

An interim report from the EU high level expert group on sustainable finance has highlighted the need to prioritise the integration of environmental, social and governance (ESG) factors into financial decision making and backed a shift to integrated reporting

Accounting / FRC issues amendments to FRS 101 reduced disclosure framework

The Financial Reporting Council (FRC) has issued its final amendments to FRS 101 Reduced Disclosure Framework as part of its annual review cycle

Accounting / PRA warning on banks’ accounting risks

The Bank of England (BoE) has voiced concerns about banks and other lenders adopting what it views as high risk accounting practices which could potentially lead to a further financial crisis

Accounting / Companies House accounts filing - tips and advice

Confusion still remains around reporting frameworks and the formats available to companies when filing financial results with Companies House. Joanna Lovatt FCA, audit director at Mercer & Hole, considers the key issues to consider when filing accounts at Companies House under FRS 102 Section 1A 

Accounting / International reporting: IFRS 17 Insurance Contracts due in 2021

Jeroen van Doersselaere examines what organisations need to do over the next three-and-a-half years order to comply with IFRS 17 Insurance Contracts 

Accounting / EFRAG seeks views on IFRS 13 Fair Value

The European Financial Reporting Advisory Group (EFRAG) is asking for feedback from preparers, users, academics and others on their experiences with IFRS 13 Fair Value Measurement, to feed into the IASB’s post implementation review of the standard

Tax / OTS pushes for simpler corporation tax regime

The Office of Tax Simplification (OTS) has published a range of recommendations for overhauling the corporation tax regime for both small and large businesses, with the aim of making calculations simpler, including fewer changes and more time to plan

Accounting / FRC defers FRS 102 update to reflect IFRS changes

The Financial Reporting Council (FRC) has said it needs to undertake more evidence-gathering before updating FRS 102 to reflect recent changes in IFRS, to give organisations more time to get used to IFRS
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