Consultations

Accounting / FRC to remove estimated cashflow reporting in statements

The Financial Reporting Council (FRC) has published feedback to its consultation on improving the statement of cashflows with the majority of respondents agreeing with proposals that estimated cashflows should not be reported in the statements and that the direct method statement should continue to be allowed 

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 / FRC consults on revised PN 12 money laundering guidance

The Financial Reporting Council (FRC) is consulting on proposed updates to the guidance for auditors relating to their responsibilities under UK law in terms of money laundering, and plans to make the revised material an appendix to ISA (UK) 250: Consideration of Laws and Regulations in an Audit of Financial Statements

Accounting / IASB reviews financial guarantees under IFRS for SMEs standard

The International Accounting Standards Board (IASB) has issued draft guidance for consultation for the IFRS for SMEs standard about the treatment of financial guarantees issued by a parent company in their financial statements

Accounting / IASB to amend IAS 16 to reduce PPE reporting discrepancies

The International Accounting Standards Board (IASB) has proposed narrow scope amendments to IAS 16 Property, Plant and Equipment to reduce the diversity in application of the standard

Accounting / IASB seeks feedback on IFRS 13 fair value measurement

The International Accounting Standards Board (IASB) is seeking stakeholders’ views about their experience with IFRS 13, the accounting standard that explains how to measure the ‘fair value’ of assets and liabilities, to address problems identified with disclosure requirements

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 / Marshall: taking stock of FRS 102 - triennial review

Andrew Marshall FCA, senior technical partner at KPMG, outlines the proposed changes to FRS 102 accounting rules from definition of financial instruments to property investments and directors’ loans, with signs some treatments may revet to old UK GAAP

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 / IASB consults on improvements to disclosures in financial statements

The International Accounting Standards Board (IASB) is consulting on future steps to improve the quality and effectiveness of disclosures in financial statements with a view to overhauling IAS 1 Presentation of Financial Statements

Accounting / IASB consults on IFRS 8 Operating Segments review

The International Accounting Standards Board (IASB) is consulting on proposals to make minor amends to IFRS 8 Operating Segments, with a new requirement to disclose the title and role of the influential decision maker

Accounting / IAS 34 consultation hints at earlier interim segment reporting

The International Accounting Standards Board (IASB) is to amend IAS 34 Interim Financial Reporting to tweak reporting dates to require companies that change their segments to provide restated segment information in the first interim report after the change

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 / 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 / Climate change reporting will increase length of annual reports

Enhanced climate-related disclosures would make climate change a boardroom issue, but must not mean annual reports become less useful to investors as the volume of information increases, ICAEW has warned
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