Financial reporting

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

Tax / Uber owes NY drivers millions after accounting error

Ride-hailing pioneer Uber has admitted it owes its New York drivers tens of millions of dollars following an accounting error in the way in which it calculated their commission, by using a figure which included state taxes rather than a pre-tax fare

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 / 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 / Failures in quality of charity reporting highlights trustee trust issues

Poor financial management and accounting failures continue to be a problem for the charity sector, with double defaulters continually failing to meet governance requirements on financial reporting, according to the annual review of charity accounts by the Charity Commission

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 / Oil and gas firms forced to change climate reporting

An official complaint from ClientEarth to the Financial Reporting Council (FRC) has resulted in two oil and gas firms changing their approach to climate reporting, but the activist law firm has criticised the regulator for failing to make public its recommendations

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 / Investigation into charity’s late accounts filing

The Charity Commission has opened a statutory inquiry into Islamic Trust (Maidenhead), which has repeatedly failed to file its accounts on time