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All you need on UK Accounting, Reporting & Corporate Governance
  • IASB meeting (blue) Image

  • IASB will propose narrow-scope amendment to IFRS 17

    22 Jun 2021

    At its meeting this morning, the IASB discussed a possible narrow-scope amendment to IFRS 17 'Insurance Contracts' presented by the staff. The staff has developed an optional classification overlay approach that would address one-time classification differences that may arise in the comparative information that insurers will present on initial application of IFRS 17 and IFRS 9.

  • IASB meeting (blue) Image

  • Pre-meeting summaries for the June 2021 IASB meeting

    18 Jun 2021

    The IASB is meeting on Tuesday 22 and Wednesday 23 June 2021, by video conference. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making 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 the staff recommendations.

  • ITCG meeting (mid blue) Image

  • Agenda for the June 2021 ITCG meeting

    15 Jun 2021

    The agenda is available for the next meeting of the IFRS Taxonomy Consultative Group (ITCG), which will be a virtual meeting on 30 June 2021, from 11:00 to 15:35 GMT+1.

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  • Governance in focus — Internal control and the board: What is all the fuss about? Image

  • Governance in focus — Internal control and the board: What is all the fuss about?

    published 23 Jun 2021

    Recent calls for a US style internal control attestation raise very real questions as to whether existing board responsibilities under the UK Corporate Governance Code go far enough and whether there is sufficient guidance for boards to execute these responsibilities effectively. In this publication we remind boards what the Code and supporting guidance say in relation to internal controls, consider the differences between the UK and US requirements and set out some thoughts on what boards should be doing now.

  • IFRS on Point — May 2021 Image

  • IFRS on Point — May 2021

    published 04 Jun 2021

    'IFRS on Point' highlights critical financial reporting developments. It provides a great way to catch up on the main IFRS-related news stories of the previous month.

  • ias34checklist2020 Image

  • IAS 34 compliance checklist 2021

    published 27 May 2021

    The checklist summarises the requirements of IAS 34 'Interim Financial Reporting', formatted to allow the recording of a review of interim financial statements, with a place to indicate yes, no, or not-applicable for each item. The checklist addresses the requirements of IAS 34 as of 31 December 2020.

  • IFRS Checklist 2020 Image

  • IFRS compliance, presentation and disclosure checklist 2021

    published 27 May 2021

    The checklist summarises the recognition, measurement, presentation and disclosure requirements set out in IFRSs in issue as of 31 December 2020. This is a "pure" IFRS compliance, presentation and disclosure checklist. UK IFRS reporters should additionally consider the legal and regulatory requirements which UK IFRS reporters will also need to comply with.

  • Deloitte comment letter on tentative agenda decision on non-refundable VAT on lease payments Image

  • Deloitte comment letter on tentative agenda decision on non-refundable VAT on lease payments

    published 25 May 2021

    We agree with the IFRS Interpretations Committee’s decision not to add this item onto its agenda. However, we do not agree with the proposed wording of the agenda decision. We believe that the agenda decision should set out the appropriate treatment of VAT charged on lease payments as an explanation of the appropriate accounting treatment in the agenda decision would prevent diversity arising in practice.

  • A Closer Look — Special purpose acquisition companies Image

  • A Closer Look — Special purpose acquisition companies

    published 18 May 2021

    This edition of A Closer Look outlines some of the financial reporting issues related to Special Purpose Acquisition Companies (SPACs), an increasingly common alternative to traditional initial public offerings (IPOs) in some jurisdictions. Among other things, the publication highlights issues to consider in the classification of financial instruments issued by many SPACs and in the accounting for acquisitions of ‘target companies’ by a SPAC.

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