Financial reporting

Accounting / Swiss firm loses £80m in South Korean embezzlement

Swiss engineering conglomerate ABB has reported a $100m (£80m) hole in its accounts as the result of an in-house fraud in its South Korean subsidiary, which was master-minded by the local treasurer who is now missing

Accounting / FRS 102: related parties and close family members - tips and advice

In part 20 of our New UK GAAP series, Helen Lloyd FCA assesses the accounting reporting for related parties looking at disclosure requirements about close family members, associates and joint ventures, an area which is dealt with fairly vaguely in FRS 102 section 33

Accounting / International reporting: 2017 will be the year of truths for IFRS

This year marks the implementation of two new accounting standards, IFRS 16 Leases and IFRS 9 Financial Instruments. Jeroen Van Doorsselaere, vice president of risk and finance at Wolters Kluwer Financial Services comments on a year of truth for IFRS reporters

Accounting / FRC sanctions ex-RSA Ireland CFO for inaccurate financial statements

CIMA member Rory O’Connor, the former chief financial officer at RSA Insurance Ireland (RSAII), has been excluded for three years and fined, along with two of the insurer’s former actuaries, following the conclusion of the Financial Reporting Council’s (FRC) investigation into financial irregularities at the company

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

Accounting / IFRIC 22 on foreign currency transactions up for review

The European Financial Reporting Advisory Group (EFRAG) is consulting on its assessment of IFRIC Interpretation 22 Foreign Currency Transactions and Advance Consideration (IFRIC 22) against the endorsement criteria in the IAS regulation

Accounting / Stallabrass: post-Brexit accounting standards from UK GAAP to IFRS

Matthew Stallabrass, partner in the corporate team at Crowe Clark Whitehill, considers how Brexit may affect the future use of key accounting standards in the UK from FRS 102 - new UK GAAP - to International Financial Reporting Standards (IFRS) 

Accounting / Sale & Purchase Agreements and locked box deals

At the heart of every deal is a Sale & Purchase Agreement (SPA) that defines the terms of the transaction, the basis for deriving the final consideration and the price adjustment mechanism on which the seller and purchaser should both agree. Co-heads of Grant Thornton's SPA advisory team Patrick O'Brien and Nick Andrews explain how they are changing

Accounting / EFRAG consulting on draft endorsement for IFRS 16

The European Financial Reporting Advisory Group (EFRAG) is now consulting on its draft endorsement advice on the new lease accounting standard, IFRS 16

Accounting / Two more PLCs pay out dividends breaking Companies Act rules

Two more publicly listed companies – homeware and furniture supplier Dunelm and high street pizza chain Dominos – have admitted paying out dividends in contravention of the Companies Act 2006, following last week’s admission of similar problems at investment group Hargreaves Lansdown

Accounting / FRS 102: accounting for groups - tips and advice

In part 19 of this exclusive New UK GAAP series, Helen Lloyd FCA unpicks the accounting rules for reporting entities involved in groups or other entities, as set out in FRS 102 sections 9, 14, 15 and 19

Accounting / Corporate governance rules should extend to ‘large private companies’

The corporate governance and reporting requirements for public listed companies should be extended to private companies to try to avert another BHS debacle, including large private companies with over 5,000 defined benefit pension scheme members, say MPs on the work and pensions committee

Accounting / Hargreaves Lansdown admits breach of rules on dividend payments

Investment group Hargreaves Lansdown has admitted that a number of historic dividend payments have been paid out in breach of Companies Act requirements, and is to hold an additional general meeting for shareholders next month to correct what it calls ‘a technical issue’ in how it accounted for the payments

Accounting / FRS 102: accounting for provisions and contingencies - tips and advice

In part 18 of this exclusive New UK GAAP series, Helen Lloyd FCA assesses the accounting rules on provisions and contingencies, set out in FRS 102 section 21, which closely reflect the old treatment so should not pose significant transition issues
Subscribe