Law and regulation

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 / 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 / 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 / Mitie faces £50m accounting policy writedown

FTSE 250 facilities management specialist Mitie Group has announced a potential £50m writedown following an accounting policies and balance sheet review undertaken by the company and KPMG, in its update for the financial year ended 31 March 2017

Accounting / Legal updates: May 2017

In this month's legal updates, experts at law firm Gateley plc consider when changes to articles of association take effect, High court defeats tactical voting on scheme of arrangement, start dates of dismissal notices

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