Accounting standards

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 / 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 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 / 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 / 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

Accounting / Accounting updates: July 2017

In this month’s roundup of developments in accounting and financial reporting, 10-year ban for Mehigan ACA, PSC register and Scottish partnerships, FRC scales back PwC probe over Tesco accounting, IASB consults on IFRS 13 fair value measurement change

Accounting / IFRS chief calls for more transparency on cashflow and income reporting

The head of the international IFRS standard setter is calling for the development of tougher guidance on performance reporting to give investors and key stakeholders more transparency and insight over company cashflow and income

Accounting / FRC to investigate PwC over BT audits

The Financial Reporting Council (FRC) has announced it is to investigate PwC’s auditing of BT Group, in light of the discovery of some £500m of losses in the telecom giant’s Italian subsidiary, which came to light via a whistle-blower last October and were subsequently found to relate to several years of misreporting

Accounting / Exclusive download: UK GAAP and small business accounts part 1

In the latest exclusive Accountancy UK GAAP download series, part one of our essentials guide focuses on accounting changes for small businesses, from transition tips and the micro accounts regime, to audit exemptions and financial instruments

Accounting / Academies to stop deferred accounts under updated accounts direction

Academy trusts will no longer be able to defer accounts under the updated academy accounts direction issued by the Education and Skills Funding Agency

Accounting / IFRS 15: revenue recognition and performance obligations - part 1

The new revenue recognition standard, IFRS 15 Revenue from Contracts with Customers, is proving to be expensive and disruptive for affected reporters. Companies need to take swift action to ensure they have comparative reporting on performance obligations in place for the effective date on 1 January 2018, reports Sarah Perrin ACA in the first of a series on IFRS 15