Accounting standards

Accounting / IASB consults on definition of material information in IAS 1 and IAS 8

The IASB has launched a consultation on proposed clarifications to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors centring on the definition of ‘material’ information in financial statements  

Accounting / FRS 101: why choose reduced disclosure accounts - part 1

In part one of a new series on FRS 101 Reduced Disclosure Framework, Anne Cowley ACA considers the pros and cons of choosing FRS 101 to prepare UK GAAP accounts, highlighing potential pitfalls and considering which companies should adopt the accounting rules

Accounting / IASB to clarify how to distinguish accounting policies from estimates

The International Accounting Standards Board (IASB) is consulting on proposed narrow scope amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to make it easier for company preparers to make the distinction between accounting policies and accounting estimates

Accounting / Switch to IFRS 15 sees Capita’s 2016 profits re-stated

Outsourcing specialist Capita has re-stated its underlying operating profit for 2016, which is now down from £481m to £335m, as a result of its early adoption of IFRS 15 Revenue from Contracts with Customers, which has had a significant impact on its long-term contracts and software business

Accounting / IFRS 16 Leases: transition to lessee accounting

Armaghan Haq FCA and David Maxwell ACA examine the transitional options and their impact on adoption of IFRS 16 Leases under the new lessee accounting rules set to come into force from 1 January 2019

Accounting / ICAEW warns of challenges of IFRS 9 for bank reporting

ICAEW has published a briefing paper on the new accounting standard, IFRS 9 Financial Instruments, which is to be implemented on 1 January 2018 and will require banks to show their expected losses earlier than in the past, warning that this approach may make reporting and comparing each bank’s performance more problematic

Accounting / Editor's comment: is it too little too late for revenue recognition?

Those who have put off IFRS 15, Revenue from Contracts with Customers, implementation will need to take immediate action, warns Sara White, editor of Accountancy, as the new standard is costly and disruptive to implement

Accounting / Marshall: are you good to go with IFRS 15?

As time runs out to produce comparable numbers for IFRS 15 Revenue from Contracts with Customers, Andrew Marshall FCA, senior technical partner at KPMG, provides a last minute reminder and urges businesses to prepare in the autumn before it is too late

Accounting / Accounting updates: September 2017

In this month’s roundup of developments in accounting and financial reporting, BT £225m bill over Italian accounting errors, Wilkins Kennedy to pay £7.5m settlement, SEC blockchain rules, insurers need to start planning for IFRS 17 Insurance Contracts, FRC needs to increase staff and scope

Accounting / Legal updates: September 2017

In this month's legal updates, experts at law firm Gateley plc consider execessive remuneration, fiduciary duties at charitable company, government to debate Repeal Bill and Scottish partnerships hit by PSC register rule change

Accounting / FASB updates hedge accounting standard

The US Financial Accounting Standards Board (FASB) has issued its long-awaited accounting standards update (ASU) to improve and simplify accounting rules around hedge accounting, the final component of its financial instruments convergence project with the International Accounting Standards Board (IASB)

Accounting / Companies House rejecting FRS 105 filings

Micro entities attempting to file filleted accounts under FRS 105 Micro Entities Regime are finding their submissions are rejected by Companies House

Accounting / International reporting: IFRS 9 is rushing down the tracks

IFRS 9 Financial Instruments is fast approaching with companies having to implement the standard by January 2018, Jeroen Van Doorsselaere, vice president of risk and finance, and Sarfaraz Ahmed, market manager at Wolters Kluwer consider the timetable 

Accounting / Charity annual return service 2017 released

The Charity Commission has released the 2017 annual return service for charities to submit income and expenditure figures for 2017, which is due within 10 months of the end of financial reporting period for charities with income of more than £10,000

Tax / Taxation for landlords: the cash basis

Plans to move landlords onto the cash basis have been put on hold due to the recent general election but are likely to make it into the second Finance Bill in autumn. Stephen Relf ACA CTA, tax writer at Wolters Kluwer, considers the implications of the cash basis for landlords