IFRS

Accounting / IASB plans amendments to IFRS 9 to address cashflow risks

The International Accounting Standards Board (IASB) is planning minor amendments to the financial instruments standard, IFRS 9, before it has even come into force to address concerns over pre-payable financial assets

Accounting / IAS 21: hedging currency in a Brexit world

Foreign exchange volatility is one of the most worrying factors in the run-up to Brexit. Armaghan Haq of Lloyds Banking Group examines the implications of a volatile sterling and possible remedial action under IAS 21 accounting requirements

Accounting / IFRS rules distort debt reporting

IFRS accounting rules are making it hard to assess the levels of debt reported on European companies’ balance sheets, and companies should consider making additional disclosures to clarify their position, according to a report from Moody’s Investors Service

Accounting / Dealing with dividend payments

A further two companies, Domino's Pizza and Dunelm, have recently admitted to incorrect dividends payouts, demonstrating that paying out the wrong dividends is becoming an increasingly complicated issue for listed companies, warn Kate Ball-Dodd, partner and Dominic Palmer, senior associate at Mayer Brown International LLP

Accounting / Accounting updates: April 2017

In this month’s roundup of developments in accounting and financial reporting, Companies House six-year data wipe plan shelved, FDs hit with £5,000 senior accounting officer compliance fines, former RSA CFO censured over financial statements

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 / BCBS clarifies interim treatment of accounting provisions pre IFRS 9

The Basel Committee on Banking Supervision (BCBS) has released details of the interim regulatory treatment of accounting provisions and standards for transitional arrangements in the run-up to IFRS 9 implementation

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 / SFO fines Tesco £129m over accounting misstatement probe

Tesco is to pay £129m under the terms of a deferred prosecution agreement (DPA) to be formally confirmed next month, to settle a probe by the Serious Fraud Office (SFO) into accounting practices at the retailer which resulted in a £263m black hole in its half year interim results in 2014. The supermarket giant will also pay out £85m to affected shareholders via a scheme which will be set up and run by KPMG, reports Pat Sweet

Accounting / OECD countries favour accrual accounting

Nearly 75% of OECD countries have adopted accrual accounting for their year-end financial reports and more than a quarter now prepare their annual budgets on an accrual basis, according to research by the International Federation of Accountants (IFAC) and the OECD

Accounting / IFRS 15: revenue recognition overhaul

IFRS 15 Revenue from Contracts with Customers comes into force from next year but has been surpassed by businesses focussing on IFRS 9, IFRS 16 and IFRS 17. Jeroen Van Doorsselaere, vice president of risk and finance at Wolters Kluwer, outlines the new rules on revenue recognition under IFRS 15

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 / IFRS 9 transition arrangements fraught with difficulty, warns EBA

The European Banking Authority (EBA) has issued an opinion on the transitional arrangements and credit risk adjustments to mitigate the effect of the accounting standard IFRS 9 Financial Instruments on prudential ratios, warning that it could mean banks recognise lower loan-loss provisions or impairments than they do at present

Accounting / International Valuation Standards 2017: what’s new?

Alex Aronsohn FRICS, technical director at the International Valuation Standards Council (IVSC) examines the main changes to IVS 2017 which is due to come into force from July 2017 and considers what it means for valuation professionals and accountants
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