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All you need on UK Accounting, Reporting & Corporate Governance
  • European Union Image
  • EU consultation on ESAs includes section on financial reporting

    24 Mar 2017

    The European Commission has launched a public consultation on the operation of the European Supervisory Authorities (ESAs) one of which is the European Securities and Markets Authority (ESMA). The consultation suggests that the review of the ESAs' operation might also be used to "streamline" the endorsement process in the EU by giving ESMA an "advisory role".

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image
  • EFRAG TEG meeting March 2017

    24 Mar 2017

    The European Financial Reporting Advisory Group (EFRAG) will hold a TEG meeting on 29 and 30 March 2017 in Brussels.

  • IASB (International Accounting Standards Board) (blue) Image
  • Updated IASB work plan — Analysis

    24 Mar 2017

    Following its March 2017 meeting, the IASB has updated its work plan. It reveals that the discussion paper on principles of disclosure and proposed amendments to IFRS 8 as consequence of the post-implementation review are expected next week.

  • IASB meeting (blue) Image
  • March 2017 IASB meeting notes posted

    23 Mar 2017

    The IASB met at its offices in London on 21 and 22 March 2017. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image
  • EFRAG is looking for new members

    22 Mar 2017

    The European Financial Reporting Advisory Group (EFRAG) has launched a call for expressions of interest for new member organisations.

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  • Governance in brief — New duty to report on payment practices and performance Image
  • Governance in brief — New duty to report on payment practices and performance

    published 21 Mar 2017

    Draft regulations expected to become effective in April 2017 impose a new duty on companies to report outside the annual report on their payment practices and performance. This new requirement falls upon individual UK companies that meet the size criteria, with no group-wide reporting possible, meaning that groups of companies will have to report every six months separately for each company that meets the criteria. Reporting will be required within 30 days of each six month period. The government hopes this will release working capital into the economy. We encourage all boards to become familiar with these new requirements and take steps to consider their company’s current payment practices and performance, as well as their working capital requirements, in advance of their first report under the new regulations.

  • IFRS on point — February 2017 Image
  • IFRS on point — February 2017

    published 10 Mar 2017

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

  • Governance in focus — Audit Committee effectiveness  Image
  • Governance in focus — Audit Committee effectiveness

    published 23 Feb 2017

    In the short time since we issued the first edition of Audit Committee effectiveness framework in 2015, the profile and the agenda of the audit committee has continued to grow. This new edition has been updated to include the FRC’s 2016 updates to the UK Corporate Governance Code and the Guidance on Audit Committees, the new Ethical Standard for Auditors and some other key narrative reporting considerations for audit committees. In addition to meeting requirements under the Code to perform an annual assessment of the effectiveness of the audit committee, this framework will also help committees keep pace with the new calls on the audit committee’s time and attention.

  • Governance in brief - The longer term viability statement - insights for year 2 Image
  • Governance in brief - The longer term viability statement - insights for year 2

    published 23 Feb 2017

    The longer term viability statement, now in its second year, continues to be an area of focus for investors and regulators. Both the FRC and the Investment Association have commented on areas in which they wish to see improvement. We have fielded a number of queries about disclosure enhancements for year 2 and have summarised these areas for improvement in this Governance in brief.

  • Accounting Roundup — February 2017 Image
  • Accounting Roundup — February 2017

    published 23 Feb 2017

    This accounting roundup, covering the period October 2016 through to January 2017, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

  • EFRAG endorsement status report 21 February 2017 Image
  • EFRAG endorsement status report 21 February 2017

    published 21 Feb 2017

    This endorsement status report update reflects that EFRAG published draft endorsement advice on 'Transfers of Investment Property (Amendments to IAS 40)'. Endorsement is currently expected in the third quarter of 2017.

  • EFRAG endorsement status report 17 February 2017 Image
  • EFRAG endorsement status report 17 February 2017

    published 17 Feb 2017

    This endorsement status report update reflects that EFRAG published draft endorsement advice on IFRIC Interpretation 22, "Foreign Currency Transactions and Advance Considerations." Endorsement is currently expected in the third quarter of 2017.

  • Thinking allowed — Non-GAAP and Alternative performance measures Image
  • Thinking allowed — Non-GAAP and Alternative performance measures

    published 16 Feb 2017

    Alternative performance measures (non-GAAP financial measures) have become the subject of increased focus by securities regulators and standard-setters. The regulators and standard-setters face a challenge. If their requirements are overly prescriptive they could actually reduce the usefulness of annual reports when their intention is to increase their credibility and usefulness. There are good reasons for companies to supplement GAAP information. The key is ensure that non-GAAP financial measures are part of good communication and do not undermine or confuse the GAAP information. In this publication we take a look at non-GAAP financial measures and the reasons companies feel compelled to report them, and challenge some of the common perceptions about them.

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