Law and regulation

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

Accounting / Dodd-Frank Act set for overhaul under Trump executive order

In the latest move to reduce financial regulatory burden, President Trump has signed an executive order to begin the process of scaling back financial regulations implemented as a result of the Dodd-Frank Act

Accounting / FCA and PRA announce changes to enforcement process

The Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) have announced a number of changes to the way in which they make decisions about enforcement actions, in a bid to make the process more transparent and effective, following criticism of the regulators’ actions in the wake of the collapse of HBOS

Accounting / Companies Act 2006 amended to extend strategic report requirements

A number of amendments to the Companies Act 2006 introduced via statutory instrument 2016/1245 will require companies and qualifying partnerships to include non-financial information statement in the annual strategic report from 1 January 2017

Accounting / CCAB issues revised LLPs SORP

CCAB has published a revised statement of recommended practice (SORP) for limited liability partnerships (LLPs).

Accounting / Legal updates: Jan 2017

In this month's legal updates, experts at law firm Gateley plc consider 'close of business' when filing receipts, breach of director duties but no compensation, consultation on expanding PSC regime

Accounting / XHTML tagging required for annual financial statements from 2020, says ESMA

From January 2020, listed companies across the EU reporting under IFRS will have to use a specific digital format to present their financial statements to comply with the EU Transparency Directive

Accounting / Government tightens rules for £100K grants to counter fraud

After a series of scandals surrounding abuse of the government grant system, the Cabinet Office has issued a rigorous set of rules to tighten up the approval process and ensure strict oversight of government grants to charities and commercial organisations

Accounting / Lords seek FRC clarification on true and fair

The Financial Reporting Council (FRC) has so far remained tight-lipped on requests from the House of Lords Economic Affairs Select Committee to clarify what constitutes ‘true and fair’

Accounting / Accounting updates: December 2016

In this month’s roundup of developments in accounting and financial reporting, BT rings £145m accounts error alarm, £10m misstatement at IT supplier, FRC calls for disclosure on tax status

Accounting / Legal updates: December 2016

In this month's legal updates, experts at law firm Gateley plc consider breach of duty leading to forfeiture of partnership share in Hosking EWHC 2418 (Ch), the impact of the Criminal Finance Bill on accountants working on mergers and acquisitions, and the impact of the Uber driver ruling on employment arrangements in Aslam 

Accounting / EU adopts IFRS 9 Financial Instruments for 2018 rollout

The EU has formally endorsed IFRS 9 Financial Instruments for use across member states, reflecting the changes to global accounting standards and replacement of IAS 39