Law and regulation

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

Accounting / No SFO charges for former Tesco CEO over accounting misstatement

Philip Clarke, former Tesco CEO, will not face charges from the Serious Fraud Office (SFO) relating to the £263m accounting black hole uncovered at the retailer, according to information provider by his lawyer

Accounting / IFRS 9 set to raise compliance costs for financial institutions

As deadlines loom for the introduction of  new IFRS standards and changes to regulatory frameworks, financial institutions must ensure they have the right finance, risk and regulatory reporting management systems in place to manage the added workload and rein in compliance costs, warn IFRS experts at Wolters Kluwer

Accounting / Legal updates: November 2016

Our monthly round-up of legal cases affecting the accounting profession from designer covenants in post-completion dispute in Millen to dividend payments and directors' duties due to creditors in BTI 2014 LLC, shared parental leave case highlights complexities of rules in Railtrack and executive pay enquiry. By Sophie Brookes and Christopher Davies of Gateley LLP

Accounting / $2.5m SEC penalty for US technology company for accounting violations

A US technology solutions company has agreed to pay a $2.5m (£2.04m) penalty to the Securities and Exchange Commission (SEC) over charges that it overstated profits in one of its business segments, after two of its former executives broke accounting rules to meet internal targets

Accounting / EU’s anti-money laundering risk list ignores Panama Papers havens

The European Economic and Social Committee (EESC), an EU advisory body made up of workers' and employers' organisations, has heavily criticised the EU’s recently published list of high-risk third countries subject to enhanced due diligence measures in relation to anti-money laundering (AML)

Accounting / September 2017 trial date for former Tesco executives

Three former Tesco senior executives, including former finance director Carl Rogberg, are to face trial in September next year on charges of fraud and false accounting relating to the £263m accounting misstatement discovered in the retailer’s accounts in 2014

Accounting / Basel Committee TLAC standard redefines bank capital

The Basel Committee on Banking Supervision has published a final standard on the regulatory capital treatment of banks’ holdings of total loss-absorbing capacity (TLAC) instruments which will affect all systemically critical financial institutions

Accounting / Brexit could see slimmed down Financial Reporting Council

The process of leaving the EU could lead to a diminution of the reach and power of the Financial Reporting Council (FRC) as its scope of influence may well be reduced in the longer term, says Matthew Stallabrass, partner in the corporate team at Crowe Clark Whitehill