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All you need on UK Accounting, Reporting & Corporate Governance
  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image
  • EFRAG TEG appointments and reappointments

    11 Dec 2017

    The Board of the European Financial Reporting Advisory Group (EFRAG) has announced the appointment of Emmanuelle Guyomard and Jed Wrigley to its Technical Experts Group (TEG).

  • IFAC (International Federation of Accountants) (lt gray) Image
    IPSASB (International Public Sector Accounting Standards Board) (mid gray) Image
  • IFAC Call for Nominations

    08 Dec 2017

    The International Federation of Accountants (IFAC) has issued issued a 'Call for Nominations for the Independent Standard-Setting Boards in 2019' looking to fill 22 vacancies including 6 vacancies on the International Public Sector Accounting Standards Board (IPSASB).

  • FRC Image
    Auditing Image
  • Revisions to ISA (UK) 250 Section A

    07 Dec 2017

    The Financial Reporting Council (FRC) has issued a revision of ISA (UK) 250 Section A - 'Consideration of laws and regulations in an audit of financial statements' which includes a new Appendix that provides revised guidance on the auditor's responsibilities in respect of money laundering, terrorist financing and proceeds of crime legislation in the UK.

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  • The Bruce Column — Finance for the future winners

    07 Dec 2017

    The winners of the 2017 Finance for the Future awards highlighted just how far financial leadership focused on creating resilient and sustainable businesses and delivering environmental and social benefits has taken the world by storm. Robert Bruce, our resident, regular columnist, describes how the awards have gone international.

  • IFRS Foundation (blue) Image
  • IASB remains in London

    07 Dec 2017

    In January 2017, the IFRS Foundation issued a tender for estate agency services for help in relocating its London office since the lease on the current premises is expiring in 2018. The Foundation had also stated that it was open to proposals of 'overseas' locations.

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  • IFRS on Point — November 2017 Image
  • IFRS on Point — November 2017

    published 08 Dec 2017

    IFRS on Point, published at the end of each month, highlights critical IFRS-related financial reporting developments.

  • GIB Code consultation Image
  • Governance in brief — FRC consults on a new-style UK Corporate Governance Code

    published 05 Dec 2017

    The FRC has published a new-style UK Corporate Governance Code for consultation together with revised Guidance on Board Effectiveness and some questions on the future of the Stewardship Code. This is not a tweaking of the Code as in recent years but a substantial re-write and simplification/reduction with a focus on the company’s approach to governance through the application of the Code principles - principles which emphasise the value of good corporate governance to long-term success. The revised Code also incorporates elements of the Government’s corporate governance reform agenda. The consultation period lasts until 28 February 2018.

  • Podcast (mid blue) Image
  • Stay Tuned Online - IFRS and UK GAAP Update November 2017

    published 30 Nov 2017

    The following topics are covered in November 2017's Stay Tuned Online: 1) Reminders for 2017 year-ends; 2) Annual report insights 2017; 3) IFRS developments; 4) UK GAAP developments; and 5) Other corporate reporting news.

  • Governance in focus - On the board agenda 2018 Image
  • Governance in focus — On the board agenda 2018

    published 27 Nov 2017

    As 2017 draws to a close, our review of hot topics for boards and committees for the 2018 reporting season covers both areas of regulatory focus as well as emerging themes.

  • Accounting Roundup - Closing Out 2017 Image
  • Accounting Roundup - Closing Out 2017

    published 27 Nov 2017

    Closing out 2017 discusses the significant corporate reporting issues relevant to 31 December 2017 annual reports, covering areas of regulatory focus identified in the FRC’s Annual Review of Corporate Reporting 2016/2017, ESMA’s common enforcement priorities for issuers in the European Union together with developments in reporting standards and areas of investor interest.

  • IFRS on Point — October 2017 Image
  • IFRS on Point — October 2017

    published 24 Nov 2017

    IFRS on Point, published at the end of each month, highlights critical IFRS-related financial reporting developments.

  • A Closer Look — Impact of transition from IAS 39 to IFRS 9 on the exchange of modification of financial liabilities Image
  • A Closer Look — Impact of transition from IAS 39 to IFRS 9 on the exchange of modification of financial liabilities

    published 22 Nov 2017

    The accounting for certain modifications and exchanges of financial liabilities measured at amortised cost (e.g. bank loans and issued bonds) will change on transition from IAS 39 Financial Instruments: Recognition and Measurement to IFRS 9 Financial Instruments. This change arises from a clarification by the IASB in the Basis for Conclusions of the amendments to IFRS 9 Prepayment Features with Negative Compensation issued on 12 October 2017. The IFRS 9 accounting treatment is applicable from 1 January 2018 (the effective date of IFRS 9, or earlier if IFRS 9 is adopted early) and will need to be applied retrospectively to all affected financial liabilities that continue to be recognised on transition from IAS 39. This will result in a transition adjustment and a change to the effective interest rate for the financial liabilities affected.

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