Other reminders

A comprehensive collection of other reminders for the 2014 reporting season including the proposed changes to the Financial Reporting Standard for Smaller Entities (FRSSE) and the Competition and Markets Authority (CMA) final Order implementing reforms of the audit market in the UK which comes into force on 1 January 2015 and applies to financial years beginning on or after 1 January 2015.

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Latest Resources

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ICAS publishes guide on financial reporting standards for small and micro companies

01 Mar, 2017

The Institute of Chartered Accountants of Scotland (ICAS) has published a guide on financial reporting standards for small and micro companies which aims to help them in applying the new financial reporting requirements which are effective for accounting periods beginning on or after 1 January 2016.

Governance in brief — FRC issues 2016 UK Corporate Governance Code, Guidance on audit committees and changes to auditor independence rules – Part One Image

Governance in brief — FRC issues 2016 UK Corporate Governance Code, Guidance on audit committees and changes to auditor independence rules – Part One

20 May, 2016

The Financial Reporting Council (FRC) has now completed its 2016 updates to the UK Corporate Governance Code and to standards for auditors, which finalises its implementation of the EU Audit Regulation and Directive. It has also issued updated Guidance on Audit Committees. These take effect for financial years commencing on or after 17 June 2016. Although the changes in the 2016 UK Corporate Governance Code are limited, relating to audit committee composition and to disclosure of planned external audit tenders, the changes to the Guidance on Audit Committees are more substantive, with changes to both activities and extensive additions to recommended audit committee reporting. In this Governance in brief we identify and explore these key changes and highlight areas for directors to consider when approaching their first year of reporting under the 2016 UK Corporate Governance Code.

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PRA finalises rules on audit committees under the revised Statutory Audit Directive

20 May, 2016

The Prudential Regulation Authority (PRA) has published its final rulebook text to implement the requirements of the revised Statutory Audit Directive (2014/56/EU). Under the previous version of the Directive, the UK had taken the member state option to exempt unlisted banks and insurance undertakings from the statutory requirement to have an audit committee. The revised Directive has no such exemption.

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BIS publishes government response to the consultation on measures to implement the EU Audit Regulation and Directive

12 May, 2016

The Department for Business, Innovation and Skills (BIS) has published the government’s response to its earlier consultation on measures to implement the EU Audit Directive (2014/56/EU) (‘the Directive’) and Audit Regulation (537/2014) (‘the Regulation’) in the UK as well as other changes that to enhance confidence and strengthen the audit regime.

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FRC completes implementation of the EU Audit Regulation and Directive

04 May, 2016

The Financial Reporting Council (FRC) has issued “final drafts” of the 2016 UK Corporate Governance Code ("the Code"), the revised Guidance on Audit Committees, the Ethical Standard 2016 and revised International Standards on Auditing (UK and Ireland). These complete the FRC’s implementation of the EU Audit Regulation and Directive, together with parts of the Competition & Markets Authority’s (CMA’s) final Order.

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FRC consults on proposals for the Audit Enforcement Procedure

23 Mar, 2016

The Financial Reporting Council (FRC) has today issued a consultation on proposals for the Audit Enforcement Procedure, developed to implement its forthcoming responsibility for audit enforcement.

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Audit exemption thresholds to be aligned with revised small company accounting thresholds

26 Jan, 2016

The government has announced today that the threshold for audit exemption will be aligned with the revised thresholds to determine whether a company is small which are included in ‘The Companies and Groups (Accounts and Reports) Regulations 2015’ (“the Regulations”).

A Closer look - UK Implementation of the EU Accounting Directive Image

A Closer Look — UK Implementation of the EU Accounting Directive

22 Dec, 2015

A new Accounting Directive became law in the European Union (EU) in 2013 and was implemented in the UK in 2015. The 2015 legal changes amend the key components of the UK legal framework for a company’s annual report and accounts. All companies that are required by law to prepare accounts will be affected by the changes made in 2015. Many of the changes to UK company law are relevant only to companies that prepare their accounts under UK GAAP. When a company prepares its accounts in accordance with International Financial Reporting Standards (IFRSs) adopted by the EU, the changes to legal requirements on the form and content of accounts will not usually be relevant as the detailed UK legal requirements do not apply to such accounts. However, some changes will affect the form and content of accounts, even where they are prepared under IFRSs. Although the most significant changes are likely to affect small companies (including whether they qualify based on size), some changes will affect large and medium-sized companies. This publication addresses the significant changes and how they will affect companies of different sizes.

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BIS consults on package of measures to implement the EU Audit Regulation and Directive

30 Oct, 2015

The Department for Business, Innovation and Skills (BIS) has published a consultation on measures to implement the EU Audit Directive (2014/56/EU) (‘the Directive’) and Audit Regulation (537/2014) (‘the Regulation’) in the UK as well as other changes that may be made to enhance confidence and strengthen the audit regime.

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ESMA issues public statement on disclosures

27 Oct, 2015

The European Securities and Markets Authority (ESMA) has published a Public Statement aimed at improving the quality of disclosures in financial statements.

Governance in brief — FRC consultation: Implementation of EU Audit Regulation and Directive, CMA Order and other changes relevant to audit committees Image

Governance in brief — FRC consultation: Implementation of EU Audit Regulation and Directive, CMA Order and other changes relevant to audit committees

19 Oct, 2015

The Financial Reporting Council’s (FRC's) new consultation, “Enhancing Confidence in Audit”, proposes further changes to the UK Corporate Governance Code, the Guidance on Audit Committees, the Ethical Standards for Auditors and International Standards on Auditing. This Governance in brief publication explores the FRC’s plans for audit committees and audit reform.

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FRC consults on package of measures to implement the EU Audit Regulation and Directive

30 Sep, 2015

The Financial Reporting Council (FRC) has issued a consultation on changes to Ethical Standards for Auditors, International Standards on Auditing (ISAs), the UK Corporate Governance Code and the Guidance on Audit Committees arising from the UK implementation of the EU Audit Regulation and Directive. Proposed changes to the latter two pronouncements also implement parts of the Competition & Markets Authority’s (CMA) final Order, providing audit committees with one place to look for guidance on the process to manage the relationship with their external auditor.

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FRC issues revised versions of FRS 100, FRS 101 and FRS 102

29 Sep, 2015

The Financial Reporting Council (FRC) has today issued revised editions of FRS 100, FRS 101 and FRS 102, incorporating recently published amendments; most notably the incorporation of amendments issued in July 2015.

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PRA consults on changes to audit committee requirements as a result of EU audit reform

18 Sep, 2015

The Prudential Regulation Authority (PRA) has issued a consultation paper that proposes changes to audit committee requirements for banks, building societies and insurance undertakings as a result of the UK implementation of the EU Audit Directive (2014/56/EU); specifically implementing the requirements of Article 39. The PRA has also proposed that these requirements will apply to UK designated investment firms.

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Regulations made prohibiting the reversal of goodwill impairment

15 Sep, 2015

The Companies, Partnerships and Groups (Accounts and Reports) (No. 2) Regulations 2015 (SI 2015/1672) (“the Regulations”) come into force on 1 October 2015.

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FCA consults on changes to audit committee requirements as a result of EU audit reform

08 Sep, 2015

The Financial Conduct Authority (FCA) has issued a consultation paper that, among other things, proposes changes to audit committee requirements for companies with securities admitted to trading on an EEA regulated market, as a result of the UK implementation of the EU Audit Directive (2014/56/EU). The consultation follows a recent policy announcement by the Department for Business, Innovation and Skills (BIS) on the UK implementation of the EU audit reforms.

Need to know — Changes to accounting standards as a result of implementation of the EU Accounting Directive Image

Need to know — Changes to accounting standards as a result of implementation of the EU Accounting Directive

28 Jul, 2015

This publication from Deloitte discusses the changes to UK accounting standards largely as a result of the UK implementation of the EU Accounting Directive.

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Government announces audit reform changes

23 Jul, 2015

The government has announced how it will implement the EU Audit Directive and Audit Regulation as part of the reform of audit in the UK.

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FRC issues updates to UK GAAP, including new standards for small and micro-entities

16 Jul, 2015

The UK Financial Reporting Council (FRC) has issued amended versions of FRS 100, FRS 101 and FRS 102, as well as a new accounting standard applicable to companies eligible to apply the Micro-entities Regime (FRS 105). The changes have largely been made response to the implementation of the new EU Accounting Directive but also incorporate other clarifications and simplifications.

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Charity Commission and OSCR consult on revisions to Charities SORPs as a result of changes to UK Accounting Standards

18 Jun, 2015

The Charity Commission for England and Wales (‘Charity Commission’) and the Office of the Scottish Charity Regulator (OSCR) have today published an Exposure Draft on further revisions to the Charities Statement of Recommended Practice (SORPs) as a result of changes to UK Accounting Standards that are planned to come into effect for accounting periods beginning on or after 1 January 2016.

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