All you need on UK Accounting, Reporting & Corporate Governance
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  • FRC Lab publishes a report on structured digital reporting

    27 Sep, 2022

    The FRC Lab (“the Lab”) has published a report which identifies lessons learnt from the first year of mandatory structured digital reporting under the European Single Electronic Format (ESEF) Transparency Directive regulation. The review builds upon a previous early implementation study of voluntary practice conducted in 2021.

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  • Pre-meeting summaries for the September 2022 IASB-FASB joint education meeting

    26 Sep, 2022

    The FASB and the IASB will hold a one-day joint education meeting on 30 September 2022. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB and FASB discussions more closely. We summarised the agenda papers made available by the IASB staff and point out the main issues to be discussed by the IASB and FASB.

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    ISSB (International Sustainability Standards Board) (blue) Image
  • Updated IASB and ISSB work plan — Analysis (September 2022)

    26 Sep, 2022

    Following the IASB's and ISSB's September 2022 meeting, we have analysed the work plan on the IFRS Foundation website to see what changes have resulted from the meetings and other developments since the work plan was last revised in July 2022. Changes are numerous, many of them clarifications of expected timing.

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  • FRC and FCA to hold webinar on TCFD disclosures

    23 Sep, 2022

    The Financial Reporting Council (FRC) and the FInancial Conduct Authority (FCA) are jointly hosting a webinar which will provide their views on the first year of mandatory Task Force on Climate-Related Financial Disclosures (TCFD) reporting.

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  • IASB issues amendments to IFRS 16

    22 Sep, 2022

    The International Accounting Standards Board (IASB) has issued 'Lease Liability in a Sale and Leaseback (Amendments to IFRS 16)' with amendments that clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale.

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  • Agenda for the September ASAF meeting

    21 Sep, 2022

    The International Accounting Standards Board (IASB) has released an agenda and meeting papers for the meeting of the Accounting Standards Advisory Forum (ASAF), which is to be held in the IASB's offices in London on 29 September 2022.

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  • Pre-meeting summaries for the September 2022 ISSB meeting

    19 Sep, 2022

    The ISSB meets in Frankfurt on 20-23 September 2022. We have posted our pre-meeting summaries for the meeting that allow you to follow the ISSB’s decision making more closely. We summarised the agenda papers made available by the ISSB and pointed out the main issues and recommendations.

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  • Agenda for the October 2022 CMAC meeting

    23 Sep, 2022

    Representatives from the International Accounting Standards Board (IASB) will meet with the Capital Markets Advisory Council (CMAC) by video conference on 6 October 2022. The agenda for the meeting has been released.

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  • EFRAG endorsement status report 22 September 2022

    published 22 Sep, 2022

    The endorsement status report has been updated to reflect that the IASB has published amendments to IFRS 16 that clarify how a seller-lessee subsequently measures sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale.

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  • EFRAG endorsement status report 9 September 2022

    published 09 Sep, 2022

    The endorsement status report has been updated to reflect that European Union has endorsed the amendments to IFRS 17 'Initial Application of IFRS 17 and IFRS 9 — Comparative Information'.

  • Governance in focus — Cyber risk and governance reporting in the UK Image
  • Governance in focus — Cyber risk and governance reporting in the UK

    published 06 Sep, 2022

    With oversight of technological capability, opportunity and risk critical to company success, regulators are increasingly focused on how companies report cyber risk and breaches in security. The Financial Reporting Council’s (FRC's) Financial Reporting Lab published its report Digital Security Risk Disclosure in early August, and earlier this year the US Securities and Exchange Commission (SEC) also published a proposal  to improve disclosure in this area. Our own analysis of cyber opportunity, risk and governance reporting across the FTSE 100 has now been published, helping audit teams and companies identify examples of good practice and offering insights about how to keep the users of annual reports informed in this important area. We last examined FTSE 100 cyber risk and governance reporting in March 2018 and we are pleased to see considerable progress in companies’ disclosures. However, when compared to the SEC proposal on cyber reporting published March 2022 and the FRC Lab’s disclosure recommendations, it is clear more focus is needed to match the needs of investors as identified by these two market regulators.

  • Governance in brief — FCA and FRC publish findings on climate change disclosure — improvements required  Image
  • Governance in brief — FCA and FRC publish findings on climate change disclosure — improvements required

    published 06 Sep, 2022

    At the end of July, the Financial Conduct Authority (FCA) and Financial Reporting Council (FRC) published the findings of their first joined up, and mutually complementary, reviews of mandatory climate reporting under the new Listing Rule requirements. The FCA sets out its expectations for compliant reporting, underpinned by the need to establish and embed adequate climate reporting procedures, systems and controls at companies. It outlines the findings from its review and highlights that it is considering whether to take regulatory action against certain listed entities for inadequate reporting. The FCA also reiterates support for the forthcoming International Sustainability Standards Board (ISSB) standards and the intention to move away from ‘comply or explain’ to mandatory disclosure alongside the adoption of those standards in the UK. The FRC’s complementary report evaluated both the quality of Task Force on Climate-related Financial Disclosures (TCFD) and the extent of climate-related disclosures within the financial statements. It provides examples of better practice disclosures which both the FRC and the FCA encourage companies to refer to when preparing or seeking to improve their own disclosures.

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  • Corporate governance reporting highlights

    published 06 Sep, 2022

    The Financial Reporting Council’s (FRC's) November 2021 Review of Corporate Governance Reporting delivered key messages and expectations for improvements in corporate governance reporting. In Corporate governance reporting highlights: Areas for future focus, we explore these messages, set out the underlying source of legal and / or regulatory requirements and provide examples of better disclosure.

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  • IFRS on Point — August 2022

    published 06 Sep, 2022

    IFRS on Point highlights critical financial and sustainability reporting developments and information of the previous month.

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  • Deloitte comment letter on FRED 80

    published 12 Aug, 2022

    We have commented on Financial Reporting Exposure Draft (FRED) 80: 'Draft amendments to FRS 100 Application of Financial Reporting Requirements'.

  • EFRAG endorsement status report 12 August 2022 Image
  • EFRAG endorsement status report 12 August 2022

    published 12 Aug, 2022

    The endorsement status report has been updated to reflect that European Union has endorsed the amendments to IAS 12 'Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction'.

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