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All you need on UK Accounting, Reporting & Corporate Governance
  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image
  • EFRAG TEG meeting December 2017

    15 Dec 2017

    The European Financial Reporting Advisory Group (EFRAG) will hold a TEG meeting on 18 and 19 December 2017 in Brussels.

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

    15 Dec 2017

    The IASB met at its offices in London on 13 and 14 December 2017. We have posted our comprehensive Deloitte observer notes for all projects discussed during the meeting.

  • FRC Image
  • FRC publishes amendments to FRS 102

    15 Dec 2017

    The Financial Reporting Council (FRC) has published incremental improvements and clarifications to (FRS) 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. The FRC indicates that “as a result of these amendments, FRS 102 will be clearer and easier to use, some accounting policies will be simplified and additional choices and exemptions will be introduced”.

  • FRC Image
  • FRC Lab report notes digital future of corporate reporting

    13 Dec 2017

    A new report from the Financial Reporting Lab of the Financial Reporting Council (FRC) concludes that XBRL (eXtensible Business Reporting Language) is an important technology in the path to digitisation of company reporting.

  • IASB document (blue) Image
  • IASB concludes the 2015-2017 annual improvements cycle

    12 Dec 2017

    The IASB has issued 'Annual Improvements to IFRS Standards 2015–2017 Cycle'. The pronouncement contains amendments to four International Financial Reporting Standards (IFRSs) as result of the IASB's annual improvements project.

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  • EFRAG endorsement status report 15 December 2017 Image
  • EFRAG endorsement status report 15 December 2017

    published 15 Dec 2017

    The endorsement status report has been updated to reflect that the IASB has issued 'Annual Improvements to IFRS Standards 2015-2017 Cycle' and that EFRAG has published draft endorsement advice on 'Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28)'.

  • 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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