Law and regulation

Accounting / London-listed mining company finds £3.3m hole in accounts

Asa Resource Group, a pan-African resources company listed on London’s alternative investment market (AIM), has reported ‘strong evidence’ that $4.3m (£3.3m) of funds from one of its mines in Zimbabwe have gone missing, and has dismissed its chief executive and group finance director

Accounting / Companies Act: share capital and restructuring pitfalls - part 3

In part three of our series on share capital and the Companies Act 2006, Anne Cowley ACA gives a snapshot of some of the key opportunities and potential pitfalls for companies considering changing their corporate structure

Accounting / Tesco’s £129m DPA confirmed

Tesco has confirmed that its subsidiary, Tesco Stores Ltd, has entered into a deferred prosecution agreement (DPA) with the Serious Fraud Office (SFO), under which it will pay a £129m fine, marking the conclusion of the regulator’s investigation into accounting irregularities at the grocery retailer

Accounting / FCA ban and fine for CFO of failed spread betting firm

The former chief financial officer (CFO) and former financial controller of spread betting company Worldspreads Ltd (WSL) have both been banned and fined by the Financial Conduct Authority (FCA) over claims of market abuse at the company, which went into administration after a £15m black hole was uncovered in the client money accounts

Accounting / FRC to name individual companies in annual reporting reviews

The Financial Reporting Council is going to release the names of companies reviewed under the reguator's annual corporate reporting review process, unlike the current anonymised reports

Accounting / Legal updates: April 2017

In this month's legal updates, Gatley law experts Sophie Brookes and Christopher Davies on parent company liability for subsidiaries' employees in Shell, 'tools of the trade' exemption in bankruptcies

Accounting / Companies Act: share capital and merger relief - part 2

Anne Cowley ACA considers the treatment of share for share exchangesin mergers and acquisitions and the impact on share capital under Companies Act 2006, sections 611-615

Accounting / PwC agrees settlement in $2bn MF Global legal case

PwC’s US firm has come to a settlement with former audit client MF Global Holdings, ending a high profile trial in New York over claims the firm was allegedly negligent in its accounting advice to the derivatives broker, which went bankrupt in 2011 after suffering huge financial losses on European government debt

Accounting / Companies Act: share capital and company structure - part 1

The majority of UK companies incorporated under the Companies Act 2006 (CA 2006) are limited by share capital. Unsurprisingly, the requirements for issuing and maintaining share capital are numerous and complex. Having an awareness of this area of company law is one thing, but being familiar with it is a stage further, and that familiarity can help to identify opportunities to reassess, streamline and simplify a company’s capital structure, says Anne Cowley ACA

Accounting / Government shelves Companies House six-year data wipe plan

Controversial plans for Companies House to delete records of dissolved companies after six years rather than the current 20-year threshold have been shelved, the government has confirmed to CCH Daily

Accounting / Legal updates: March 2017

In this month's legal updates, experts at law firm Gateley plc consider an overhaul of liability rules for partnerships, property transfer not validly authorised, directors guidance on competition law

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 103 insurance contracts standard revised

The Financial Reporting Council (FRC) has issued a revised version of FRS 103 Insurance Contracts and the accompanying non-mandatory implementation guidance, incorporating the amendments arising as a result of Solvency II that were issued in May 2016.  

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
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