Law and regulation

Accounting / FRC announces interim executive counsel

The Financial Reporting Council (FRC) has appointed Claudia Mortimore as interim executive counsel and director of enforcement from 1 November 2017, following the resignation of Gareth Rees earlier this month

Accounting / Legal updates: September 2017

In this month's legal updates, experts at law firm Gateley plc consider execessive remuneration, fiduciary duties at charitable company, government to debate Repeal Bill and Scottish partnerships hit by PSC register rule change

Accounting / Companies House accepting micro entity accounts under small companies regime

Micro entities filing filleted accounts which have been rejected by Companies House should ensure their accounts state that they have been prepared in accordance with the provisions applicable to micro entities and delivered in accordance with the small companies’ regime, reports Calum Fuller

Accounting / FASB updates hedge accounting standard

The US Financial Accounting Standards Board (FASB) has issued its long-awaited accounting standards update (ASU) to improve and simplify accounting rules around hedge accounting, the final component of its financial instruments convergence project with the International Accounting Standards Board (IASB)

Accounting / CCAB issues draft anti-money laundering guidance for accountants

CCAB has issued draft guidance on anti-money laundering for all entities providing audit, accountancy, tax advisory, insolvency or related services, including trusts and company services, pending final Treasury approval, to comply with new rules effective from 26 June

Accounting / Tesco opens £85m compensation scheme for investors hit by accounting scandal

Tesco has opened its compensation scheme for shareholders who lost money as a result of the supermarket giant overstating its profits in 2014, with administrators, KPMG, accepting claims until 22 February 2018

Accounting / FRC consults on non-financial reporting guidance

The Financial Reporting Council (FRC) is consulting on amendments to its guidance on the strategic report, designed to take into account the new regulations for non-financial reporting that are effective for financial periods beginning on or after 1 January 2017

Accounting / IFAC issues guidance on accountancy regulation

The International Federation of Accountants (IFAC) has published guidance to support countries in developing an effective professional accountancy organisation (PAO), to reflect changes in regulation in recent years and the need to adapt to and actively influence the national environment

Accounting / Legal updates: August 2017

In this month's legal updates, experts at law firm Gateley plc consider consent powers and absolute veto in Watson case, money laundering rules tightened, Canadian oil company faces accounting fraud charge

Accounting / BT pays £225m bill over Italian accounting errors

The accounting scandal at its Italian subsidiary has forced BT to pay £225m in settlement of warranty claims with Deutsche Telekom and Orange under the terms of its EE acquisition agreement, the telecoms giant has revealed

Tax / HMRC issues guidance on tax treatment for FRS 105 accounts

HMRC has issued guidance on the tax implications of transition to the new accounting rules for small business under the FRS 105 Micro-entities Regime, as the first year of reporting under the FRSSE replacement comes into effect, setting out recommended tax treatment

Accounting / Call for FRC to increase staffing and scope

The Financial Reporting Council (FRC) needs to consider additional staffing, and a wider selection model in order to improve its enforcement activities, according to a peer review by the European Securities and Markets Authority (ESMA) into how national competent authorities (NCAs) supervise financial information according to the guidelines

Accounting / IASB challenged to make reporting more ‘relevant and enticing’

The International Accounting Standards Board (IASB) should be looking at making financial statements shorter, more relevant and more enticing to read, and with greater use of technology, according to feedback from the Financial Reporting Council (FRC) and the European Financial Reporting Advisory Group (EFRAG)

Accounting / Companies House accounts filing - tips and advice

Confusion still remains around reporting frameworks and the formats available to companies when filing financial results with Companies House. Joanna Lovatt FCA, audit director at Mercer & Hole, considers the key issues to consider when filing accounts at Companies House under FRS 102 Section 1A 

Accounting / Legal updates: July 2017

In this month's legal updates, experts at law firm Gateley plc consider overcoming the death of a sole director shareholder, firm not liable for third party loss, changes to UK anti-money laundering rules hit PSC regime