Sara White

Sara White

Sara is the editor of Accountancy and CCH Daily incorporating Accountancy Live, responsible for the Accountancy portfolio which includes Accountancy, the monthly print magazine, online and digital news service. Any comment and feedback is always welcome so do not hesitate to get in touch by email

Accounting / FRC proposes amendments to FRS 102 for Gift Aid payments

The Financial Reporting Council (FRC) is set to amend the rules for handling Gift Aid payments under FRS 102 in an effort to clarify when profits from a non-charitable subsidiary can be distributed to the parent charity

Insight / Inside Biometrics given cash injection with sale out of administration

Medical devices company Inside Biometrics has been saved from closure following the appointment of Mercer & Hole’s corporate advisory partner, Chris Laughton, to handle the company administration when it ran out of cash and risked having to close

Tax / Future of capital allowances up for OTS review

The Office of Tax Simplification (OTS) is to review options for replacing the current capital allowances tax relief system with an accounts depreciation approach as the current model is too complicated and expensive for businesses to administer, reports Sara White

Tax / US set to lose $12bn in tax take by 2027 if multinationals relocate overseas

Tax inversions by US multinationals attempting to shift profits into lower tax jurisdictions could cost the US up to $12bn (£7.4bn) in lost corporate tax revenues by 2027, according to figures released by the US Congressional Budget Office

Insight / Grant Thornton partner detained in Dubai

The Dubai authorities have stopped a Grant Thornton partner from leaving the United Arab Emirates after confiscating his passport when he landed in Dubai on a connecting flight in July

Accounting / Hoogervorst calls for greater focus on intangibles reporting not IFRS numbers

The head of the International Accounting Standards Board (IASB) has set out a robust defence of its role as the IFRS standard-setter against a backdrop of investor demand for alternative performance measures and increasing calls for more information on intangibles and value, rather than a focus on pure numbers

Tax / EU finance ministers agree to draft digital tax laws for IT giants

The EU is closer to reaching agreement on draft rules for a pan-European digital tax basis for major multinational IT giants such as Amazon and Google, with proposals based on permanent establishment status due to be released in spring 2018

Insight / Deloitte reports 7% hike in global revenue to $38.8bn

Number one accounting network Deloitte has reported record revenues of $38.8bn (£28.8bn) for the fiscal year ended 31 May 2017, marking the eighth consecutive year of growth and a 7.1% revenue increase in local currency terms

Accounting / IASB releases tips and advise on materiality judgments under IFRS

The International Accounting Standards Board (IASB) has issued detailed guidance to help company reporters with materiality judgments, designed to encourage them to use judgment instead of using IFRS requirements as a checklist by default

Accounting / IASB consults on definition of material information in IAS 1 and IAS 8

The IASB has launched a consultation on proposed clarifications to IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors centring on the definition of ‘material’ information in financial statements  

Tax / Partnership tax rules overhaul by 2018

Changes to partnership taxation are to go ahead with draft legislation now published, effectively clarifying the tax treatment for partnerships to ensure that the principle of taxing the beneficiary of partnership profit applies and to prevent a double reporting burden on investment partnership

Tax / Master Trust pension schemes to be targeted by taxman under new powers

The government is giving HMRC new powers to refuse to register and to de-register master trust pension schemes and schemes for dormant companies which are not authorised by The Pensions Regulator in a bid to curb pension scams

Accounting / IASB to clarify how to distinguish accounting policies from estimates

The International Accounting Standards Board (IASB) is consulting on proposed narrow scope amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors to make it easier for company preparers to make the distinction between accounting policies and accounting estimates

Tax / British Virgin Islands reopens online company registration portal post Irma

In a statement following the devastating effects of Hurricane Irma, the British Virgin Islands’ (BVI) Premier Orlando Smith has made it clear that restoration of the islands’ economy and substantial financial services industry will be a priority alongside ensuring requisite humanitarian aid

Tax / Government sets out plans for Making Tax Digital for VAT in Finance Bill (No.2)

The latest draft Finance Bill sets out the framework for VAT reporting under Making Tax Digital, confirming that the rules will not be in place before April 2019 while those who fall below the VAT threshold, currently £85,000, will not have to digitally report