Accounting standards

Accounting / OECD consults on transfer pricing for intangibles

The OECD is consulting on outline guidance on the approach to pricing transfers of hard-to-value intangibles (HTVI) described in its transfer pricing guidelines, which is one of the requirements of its Base Erosion and Profit Shifting (BEPS) action plan

Accounting / IFRS 17 Insurance Contracts: key accounting changes at a glance

The International Accounting Standards Board (IASB) has issued IFRS 17 Insurance Contracts. Here we provide an overview of the key elements of the new accounting standard

Accounting / Warning on Scottish limited partnerships and PSC rules

Scottish limited partnerships may not be aware of extensions to the rules for the register of people with significant control (PSC), which come into effect from next month, warns Saffrey Champness 

Accounting / IFRS 17 overhauls accounting for $13 trillion insurance business

The introduction of IFRS 17 Insurance Contracts will completely transform the accounting rules for insurance companies as they are forced to move to a current valuation approach from the existing historical accounting treatment, reports Sara White

Accounting / World Bank agreement to push IFRS adoption in developing economies

The global accounting standard setter, the IFRS Foundation, has signed a cooperation agreement with the World Bank to support developing economies in their adoption and use of International Financial Reporting Standards (IFRS)

Accounting / Consultation on revisions to global valuation standards

Global standard setter the International Valuation Standards Council (IVSC) has opened a consultation on future revisions to the international valuation standards (IVS) in a number of areas, despite only publishing IVS 2017 in January

Accounting / Ireland to adopt FRS 105 for the first time

Ireland has passed the Companies Accounting Bill 2016 and will begin to implement the EU accounting directive which allows small and micro companies to use FRS 105 micro entities regime and section 1A of FRS 102 for the first time, despite the UK adopting the same legislation two years ago

Accounting / BT CEO takes £4m bonus blow over Italian accounting scandal

BT has announced that its group chief executive Gavin Patterson and outgoing group finance director Tony Chanmugam will not receive a bonus for the 2016/17 financial year, following on from the discovery of a £530m accounting scandal in its Italian subsidiary

Accounting / Small business accounts: deferred tax - part 6

The treatment of deferred tax under new UK GAAP is rather more challenging than first expected, warns Anne Cowley ACA. Deferred tax takes on a greater role in FRS 102 accounts, appearing more frequently than before due to the extended ‘timing difference plus’ approach adopted by the new standard

Accounting / Cash basis accounting: what you need to know

Tim Humphries, associate director at Menzies LLP, sets out the top 10 things to bear in mind when deciding on the best accounting method for a small business, with a particular focus on how to use case basis accounting

Accounting / FRC withdraws director's loan requirement for smallest companies

The Financial Reporting Council (FRC) has caved in to pressure on director’s loan reporting for small companies and is withdrawing the requirement to find a market rate of interest where a loan is made on an off-market basis under new UK GAAP

Accounting / OECD launches facility to disclose common reporting standard tax avoidance

The OECD has launched a facility to disclose common reporting standard (CRS) tax avoidance schemes as part of its efforts to ensure the integrity of the standard, adding that an additional 500 bilateral automatic exchange relationships have recently been established between over 60 jurisdictions

Accounting / Payment practice reporting legislation published

Final legislation covering the new rules regarding the reporting of payment practices has been published, under which large companies are required to publish certain information twice per financial year about their practices, policies and performance in relation to paying suppliers, in a bid to tackle late payment issues

Accounting / NAO calls for tighter scrutiny of charity funding

The National Audit Office (NAO) is warning that the government’s supervision of the grants it gives to charities remains inadequate and says it needs to improve its monitoring, particularly in light of plans to give an additional £102m from fines from criminal activity in the banking sector (the LIBOR fines) to charities and good causes over the next four years

Accounting / Mitie faces £50m accounting policy writedown

FTSE 250 facilities management specialist Mitie Group has announced a potential £50m writedown following an accounting policies and balance sheet review undertaken by the company and KPMG, in its update for the financial year ended 31 March 2017