Law and regulation

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

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