Accounting standards

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

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 / 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 / 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 / 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 / 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

Accounting / Dealing with dividend payments

A further two companies, Domino's Pizza and Dunelm, have recently admitted to incorrect dividends payouts, demonstrating that paying out the wrong dividends is becoming an increasingly complicated issue for listed companies, warn Kate Ball-Dodd, partner and Dominic Palmer, senior associate at Mayer Brown International LLP

Accounting / FRS 102: three-year review proposes revisions to directors' loan accounting

In the first triennial review of new UK GAAP, the standard setter is considering changes to reporting of directors’ loans, investment property and the definition of financial instruments. Anne Cowley ACA assesses the proposals and impact on company reporters

Accounting / Accounting updates: April 2017

In this month’s roundup of developments in accounting and financial reporting, Companies House six-year data wipe plan shelved, FDs hit with £5,000 senior accounting officer compliance fines, former RSA CFO censured over financial statements

Accounting / Charity Commission introduces accounts templates

The Charity Commission has launched an accounts templates pack for small charitable companies, designed in partnership with Companies House, to help trustees of charitable companies with an income of under £500,000 prepare their accounts

Tax / Brexit and tax accounting for US companies

Companies with UK operations should consider the income tax accounting effects of Brexit notification, say Jennifer Spang, partner, and Kassie Bauman, director in the national professional services group at PwC US 

Accounting / FRS 102 and employee benefits - NEW CPD module

This month's CCH Daily CPD module focuses on employee benefits under the scope of Section 28 in FRS 102 under new UK GAAP, with advice on stating employee benefits in accounts and calculating more challenging benefits regarding termination