Financial reporting

Accounting / MEPs reject incomplete anti money laundering blacklist

By a large majority, MEPs have voted to reject a European Commission proposal for a blacklist of states at risk of money laundering on the grounds it is not comprehensive enough

Accounting / Internal accounting failure drives GM to $1m penalty

Automotive giant General Motors has agreed a $1m (£810,000) penalty with US regulator, the Securities and Exchange Commission (SEC), to settle charges that failures in its internal accounting controls meant the company did not properly assess the potential impact on its financial statements of a defective ignition switch found in some vehicles

Accounting / FRS 102: accounting for asset impairment and goodwill - tips and advice

In part 15 of this exclusive New UK GAAP series, Helen Lloyd FCA reviews accounting for impairment of assets and goodwill, highlighting key differences between the new FRS 102 Section 27 Impairment of Assets and former FRS 11 Impairment of Fixed Assets and Goodwill

Accounting / EFRAG sets up academic panel

The European Financial Reporting Advisory Group (EFRAG), which advises the European Commission on IFRS issues, is seeking candidates for its new academic panel, as part of a move to increase its research activities

Accounting / Lease taxation under IFRS 16 – part 2

In part two of our series on lease taxation under IFRS 16 Leases, the new accounting standard set to come into use in 2019, CCH tax specialist writer Paul Davies considers the pros and cons of HMRC's initial proposals for different variations on accounts based regimes using a leasing or capital allowance approach

Accounting / EFRAG endorses amendments to IFRS 4 for EU use

The European Financial Reporting Advisory Group (EFRAG) has formally endorsed Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (Amendments to IFRS 4) for use across EU member states

Accounting / Harrison: accounting for defined benefit pension schemes sub-standard

Many UK listed companies face spiralling defined benefit pension deficits but what is truly disconcerting is the real difficulty in assessing the extent of these pension black holes using publicly available information. Matthew Harrison, managing director of Lincoln Pensions calls for a fresh approach to pensions reporting and disclosures

Accounting / Small business accounts: audit threshold exemptions - part 2

In the second of our exclusive series on small company accounting, Anne Cowley ACA discusses how small businesses need to revisit new audit exemption thresholds to avoid compliance problems

Accounting / IASB proposes minor amends to IAS 12, IAS 23, IAS 28

The International Accounting Standards Board (IASB) has released an exposure draft on proposed amendments to three International Standards for Financial Reporting (IFRS) - IAS 12, IAS 23 and IAS 28, as part of its annual review process

Accounting / IFRS 16 Leases: transition tips for implementation

The International Accounting Standards Board (IASB) has issued implementation advice for IFRS 16 Leases, a year after the leases standard was finalised, which will see radical change to the taxation treatment and accounting of leases on balance sheets, effective January 2019

Accounting / FRS 102: accounting for post balance sheet events – tips and advice

In part 14 of this exclusive new UK GAAP series, we will focus on new UK GAAP and accounting for reporting the post balance sheet events under section 32, highlighting key differences between FRS 102 and the old FRS 21 treatment

Accounting / IFAC releases guidance on use of integrated reporting

The International Federation of Accountants® (IFAC) has published a revised and updated policy paper on integrated reporting, setting out the key considerations for company reporters

Accounting / Lease taxation under IFRS 16 – part 1

The introduction of the new IFRS 16 Leases effective for accounting periods from 1 January 2019 will have a radical effect on the taxation treatment under the revised accounting rules. Although the final HMRC approach is still under review, the changes will be significant. Paul Davies, CCH tax writer, considers the key issues in the first of an exclusive two-part series

Accounting / The year ahead: IFRS and regulatory challenges

The pace of regulatory change shows no sign of abating in 2017 and as a result, regulatory technology could well be a standout developmental theme for financial institutions this year, says Jeroen Van Doorsselaere 

Accounting / OECD consults on treaty entitlements for non-collective investment vehicle funds

The OECD is inviting feedback on follow-up work relating to the interaction between the treaty provisions of the report on its Base Erosion and Profit Shifting (BEPS) action 6 and the treaty entitlement of non-collective investment vehicle (non-CIV) funds, with the aim of ensuring the new arrangements cover these appropriately
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