Law and regulation

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

Accounting / SEC charges Canadian oil company over accounting fraud

The Securities and Exchange Commission (SEC) has charged a Canadian-based oil and gas company and three of its former top finance executives for their roles in what the US regulator describes as ‘an extensive, multi-year accounting fraud’

Accounting / FRC to investigate PwC over BT audits

The Financial Reporting Council (FRC) has announced it is to investigate PwC’s auditing of BT Group, in light of the discovery of some £500m of losses in the telecom giant’s Italian subsidiary, which came to light via a whistle-blower last October and were subsequently found to relate to several years of misreporting

Tax / Fourth Anti-Money Laundering Directive: what you need to know

From changes to politically exposed persons (PEP) to beneficial ownership registers, the newly enforceable Fourth Anti-Money Laundering Directive (4MLD) will force a due diligence rethink, warn Lisa Osofsky, managing director and Sarah Adenaike of Exiger LLC

Accounting / Legal updates: June 2017

In this month's legal updates, experts at law firm Gateley plc consider Court of Appeal ruling on information versus advice and MPs call for full corporate governance overhaul

Accounting / One month until anti-money laundering rules change

On 26 June, the EU Fourth Money Laundering Directive will begin to be implemented into UK law, including new requirements affecting people with significant control (PSC) information

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