Accounting standards

Accounting / OECD countries favour accrual accounting

Nearly 75% of OECD countries have adopted accrual accounting for their year-end financial reports and more than a quarter now prepare their annual budgets on an accrual basis, according to research by the International Federation of Accountants (IFAC) and the OECD

Accounting / FRC proposes simplifications to FRS 102 to cut costs

The Financial Reporting Council (FRC) is consulting on proposals to make some significant changes to FRS 102 to clarify loan definitions and alter the market definition of some directors loans 

Accounting / Companies Act: share capital and company structure - part 1

The majority of UK companies incorporated under the Companies Act 2006 (CA 2006) are limited by share capital. Unsurprisingly, the requirements for issuing and maintaining share capital are numerous and complex. Having an awareness of this area of company law is one thing, but being familiar with it is a stage further, and that familiarity can help to identify opportunities to reassess, streamline and simplify a company’s capital structure, says Anne Cowley ACA

Accounting / International Valuation Standards 2017: what’s new?

Alex Aronsohn FRICS, technical director at the International Valuation Standards Council (IVSC) examines the main changes to IVS 2017 which is due to come into force from July 2017 and considers what it means for valuation professionals and accountants

Accounting / Small business accounts: financial instruments - part 4

Anne Cowley ACA considers potential pitfalls when reporting and accounting for director’s loans, fixed asset invements and derivatives under new UK GAAP, with tips and advice for smaller businesses considering adopting FRS 105

Accounting / IFRS taxonomy 2017 published

The IFRS Foundation has published the IFRS Taxonomy 2017, which reflects the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) at 1 January 2017, including standards published but not yet effective 

Accounting / Pension deficits: dividends and distributable reserves

Pensions are an increasingly pressing issue for UK companies and in recent months the burden has become so great that it has started impinging more and more on companies’ dividends and ability to raise capital, explains Alex Waite, partner at Lane Clark & Peacock

Accounting / PwC in US court case over MF Global accounting advice

PwC’s US arm has gone on trial in New York over claims the firm was allegedly negligent in its accounting advice to derivatives broker MF Global Holdings, which went bankrupt in 2011 after suffering huge financial losses on European government debt

Accounting / IFRS 16 treatment of leases ‘more complex than expected’

A progress report from lease accounting software vendor LeaseAccelerator has found approximately two thirds of businesses are finding complying with IFRS 16 Leases difficult as they prepare for its 2019 commencement, with the collection of three years of comparative information already required 

Accounting / Accounting updates: March 2017

In this month’s roundup of developments in accounting and financial reporting, eBay reports errors in tax reporting, dividened payments at Harsgreaves Lansdown, ex assetco finance chiefs face FRC probe

Accounting / FRS 102: related parties and close family members - tips and advice

In part 20 of our New UK GAAP series, Helen Lloyd FCA assesses the accounting reporting for related parties looking at disclosure requirements about close family members, associates and joint ventures, an area which is dealt with fairly vaguely in FRS 102 section 33

Accounting / International reporting: 2017 will be the year of truths for IFRS

This year marks the implementation of two new accounting standards, IFRS 16 Leases and IFRS 9 Financial Instruments. Jeroen Van Doorsselaere, vice president of risk and finance at Wolters Kluwer Financial Services comments on a year of truth for IFRS reporters

Accounting / Marshall: time for transparency on judgments and estimates

Investors want financial statements to clearly explain the judgments and estimates made, but companies often obscure the detail. Andrew Marshall FCA, senior technical partner at KPMG, considers whether the latest FRC thematic review will improve the situation

Accounting / Stallabrass: post-Brexit accounting standards from UK GAAP to IFRS

Matthew Stallabrass, partner in the corporate team at Crowe Clark Whitehill, considers how Brexit may affect the future use of key accounting standards in the UK from FRS 102 - new UK GAAP - to International Financial Reporting Standards (IFRS) 

Accounting / EFRAG consulting on draft endorsement for IFRS 16

The European Financial Reporting Advisory Group (EFRAG) is now consulting on its draft endorsement advice on the new lease accounting standard, IFRS 16
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