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Corporate Governance  Image

QCA publishes a revised version of its Corporate Governance Code

26 Apr 2018

The Quoted Companies Alliance (QCA) has published a revised version of its Corporate Governance Code.

The QCA Corporate Governance Code is tailored to meet the needs of small and mid-size quoted firms. It is referred to by a substantial number of AIM companies on their websites, and is also used by a number of privately-owned companies.

Since its initial release in 2013, it has become a valuable reference for growing companies wishing to follow good governance practice. It serves as a practical outcome-oriented approach to corporate governance for those quoted companies in the UK not obliged to apply the Financial Reporting Council's (FRC's) UK Corporate Governance Code under the Listing Rules.

The revised version includes 10 corporate governance principles that companies should follow, and step-by-step guidance on how to effectively apply these principles.

You can access the QCA Corporate Governance Code here. It is freely available to QCA members – payment of a fee is required for non-members.

IFRS Advisory Council (mid blue) Image

IFRS Foundation Trustees seek to fill Advisory Council vacancies

25 Apr 2018

The Trustees of the IFRS Foundation are calling for candidates to fill vacancies occurring at the end of 2018 for membership to the IFRS Advisory Council.

The terms of 15 current members will be completed on 31 December 2018. Of those 15 current members, eight are eligible for reap­point­ment. New members would serve two or three-year terms, starting on 1 January 2019, renewable once.

For more information, see the press release on the IASB’s website.

Accountancy Europe Image
GRI (Global Reporting Initiative) (green) Image

Research into the local implementation of the EU Directive on disclosure of non-financial and diversity information

25 Apr 2018

Accountancy Europe, CSR Europe, and GRI have published an updated report on their research looking at the local implementation of the EU Directive on non-financial and diversity information reporting.

Member State Implementation of the Directive 2014/95/EU, developed by CSR Europe and the Global Reporting Initiative (GRI) with the support of Accountancy Europe, provides a high-level overview of the similarities and differences in national transposition of the Directive on disclosure of non-financial and diversity information across Europe – including scope, reporting features, auditor’s involvement and fines.

Following a general introduction into the background, requirements, and options of the Directive, the publication offers a table with the overview of the transposition (p. 10) and country profiles for all EU member states as well as Iceland and Norway (pp. 16 ff.).

Please click to access the publication on the Accountancy Europe website.

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG draft comment letter on proposed amendments to IAS 8 regarding agenda decisions

24 Apr 2018

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB exposure draft ED/2018/1 'Accounting Policy Changes (Proposed amendments to IAS 8)'.

EFRAG does not support the proposals in the ED. EFRAG disagrees with introducing a distinction between voluntary changes in accounting policies resulting from agenda decisions and other voluntary changes as EFRAG considers that the proposals in the ED raise broader questions about the status and the objectives of agenda decisions. EFRAG also considers that the proposals in the ED may give rise to practical challenges if finalised in their current form.

Comments on EFRAG's draft comment letter are requested by 13 July 2018. For more information, see the press release and the draft comment letter on the EFRAG website.

IASB (International Accounting Standards Board) (blue) Image

IASB Vice-Chair discusses IFRS 9

23 Apr 2018

IASB Vice-Chair Sue Lloyd has issued a paper which recaps the requirements in IFRS 9 for equity investments and the effects on long-term investment.

In her paper, she discusses the following:

  • IFRS 9 on long-term investment.
  • Reporting value changes in profit or loss gives better information about value creation over time.
  • Recycling can provide a confusing presentation of performance.
  • Debt investments are different.
  • Prohibiting recycling avoids complexity related to impairment.
  • Developing a new impairment model for equity investments is not an easy task.
  • Prevalence of available for sale equity investments applying IAS 39.

Ms Lloyd’s paper is available on the IASB’s website.

Finance for the Future 2018 Image

Finance for the Future Awards - open for entries

23 Apr 2018

The Finance for the Future Awards 2018 are now open for entries to all organisations, globally, whether listed, small, charities, a social enterprise or public sector

One of the awards is for ‘Communicating integrated thinking’, and is open to organisations that are demonstrating clearly, through communicating to their providers of financial capital, how sustainability is embedded into their overall strategy and decision making process, and how this integrated thinking is contributing to a sustainable business model which delivers longer term value.

Founded by Institute of Chartered Accountants in England and Wales (ICAEW) and The Prince’s Accounting for Sustainability Project (A4S) and, for the second year, in partnership with Deloitte, the global awards recognise financial leadership in developing sustainable business models that deliver long-term shareholder value.

Finance for the Future’s key ambition is to share best practice as well as create and develop a community of thought leaders and recognised experts in this field.  The programme spans a year of activity with opportunities for linking with a community of sustainable finance leaders, sharing ideas and best practice through case studies, and culminating in an awards celebration evening and interactive networking reception.

Past winners and finalists include The National Trust, Coca Cola Hellenic, SSE, United Utilities, Novo Nordisk, Unilever, M&S, Adnams, Sussex Community NHS Trust and the Crown Estate.

Find out more information about the Awards, including details on the judging process and how to enter (by end of May), as well as interviews with last year’s winners at

IESBA (International Ethics Standards Board for Accountants) (lt gray) Image

IESBA seeks comments on its proposed strategy and work plan

23 Apr 2018

The International Ethics Standards Board for Accountants (IESBA) has published a consultation paper seeking views on its ‘Proposed Strategy and Work Plan 2019-2023’.

The consultation paper sets out:

  • the IESBA’s vision for the Code of Ethics for Professional Accountants (including International Independence Standards) and the strategic themes that will guide its actions in pursuit of this vision over the strategy period;
  • the criteria and key factors that affect the determination of potential actions in the strategy period and the relative priorities of those actions and their timing;
  • how the IESBA expects to manage delivery of its strategy and work plan within its given capacity and resources; and
  • identified actions, priorities and timing aligned to the strategic themes.

Comments are requested by 16 July 2018.  A press release and full consultation paper are available on the IESBA website.

ESMA (European Securities and Markets Authority) (dark gray) Image
European Union Image

ESMA publishes 22nd enforcement decisions report

20 Apr 2018

The European Securities and Markets Authority (ESMA) has published further extracts from its confidential database of enforcement decisions taken by European national enforcers. This batch deals with decisions in relation to IFRS 5, IAS 7, IAS 32, IAS1/IAS36, IFRS 3/IFRS 13/IAS 28, IFRIC 17, IAS 1, IFRS 10, IAS 8/IAS 21/IAS 29, and IAS 38.

The European national enforcers of financial information monitor and review financial statements published by issuers with securities traded on a regulated European market and who prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) and consider whether they comply with IFRS and other applicable reporting requirements, including relevant national law.

ESMA has developed a confidential database of enforcement decisions taken by individual European enforcers as a source of information to foster appropriate application of IFRS.

The publication of enforcement decisions is designed to inform market participants about which accounting treatments European national enforcers may consider as complying with IFRS, i.e. whether the treatments are considered as being within the accepted range of those permitted by IFRS. ESMA considers the publication of the decisions, together with the rationale behind them, will contribute to a consistent application of IFRS in the European Union.

Topics covered in the latest batch of extracts, covering the period from August 2016 to July 2017, include:

Standard Topic
IFRS 5Non-current Assets Held for Sale and Discontinued Operations Classification of an asset that is not expected to be sold within one year
IAS 7Statement of Cash Flows Presentation and disclosure of restricted cash balances
IAS 32Financial Instruments: Presentation Perpetual notes classified as liabilities
IAS 1Presentation of Financial Statements
IAS 36 — Impairment of Assets
Disclosure of quantitative commodity price assumptions that have significant risk of resulting in material adjustments to carrying amount
IFRS 3Business Combinations
IFRS 13Fair Value Measurement
IAS 38 Intangible Assets
Purchase price allocation of a group of acquired assets
IFRIC 17 Distributions of Non-cash Assets to Owners Demerger and distribution of a segment to the issuer’s shareholders
IAS 1Presentation of Financial Statements Presentation of revaluation losses of assets used in operating activities
IFRS 10Consolidated Financial Statements Obtaining power over an investee following a tender offer
IAS 8 — Accounting Policies, Changes in Accounting Estimates and Errors
IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 29 Financial Reporting in Hyperinflationary Economies
Lack of foreign currency exchangeability and hyperinflation  
IAS 38 Intangible Assets Amortisation of content rights for films and television programmes

Click for access to the full report (link to ESMA website). The ESMA has also published an updated overview of all enforcement decisions ever published.

IASB meeting (blue) Image

Pre-meeting summaries for the April IASB meeting

20 Apr 2018

The IASB meets at its offices in London on Tuesday 24 and Wednesday 25 April 2018. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making more closely. For each topic to be discussed we summarise 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.

The Board will discuss six topics.


Primary Financial Statements

At this meeting the Board will discuss clarifying the requirements for management performance measures (MPMs) and requirements for management-defined adjusted earnings per share (adjusted EPS) in the financial statements.

Business Combinations under Common Control

The purpose of this session is to provide an update to the Board on the approaches being developed by the staff for BCUCC transactions.  It is an education session, which means that Board members are not being asked to make any decisions.


Goodwill and impairment

The Board will continue its discussions on the goodwill and impairment research project. At this meeting it will be asked whether it wants to change the requirement to recognise all identifiable assets acquired in a business combination separately from goodwill and whether the next stage in the project should be to issue a Discussion Paper or an Exposure Draft.

Dynamic Risk Management [Macro-hedging]

The Board will discuss qualifying criteria for the financial liabilities used to determine an entity’s target profile, the designation and de-designation of financial liabilities within the Dynamic Risk Management (DRM) model and corresponding documentation requirements.

Disclosure Initiative – Definition of Material

In 2017 the IASB published a proposal to amend the definition of material in IAS 1 and IAS 8. The comment period closed in January 2018. At this meeting the Board will discuss a general summary of the comments received on the exposure draft to amend the definition of material in IAS 1 and IAS 8. The Board is not being asked to make any decisions.


The Board will review the activities of the IFRS Interpretations Committee. The discussion will include concerns raised by respondents about the Committee providing technical responses to highly-specific fact patterns submitted.

More information

Our pre-meeting summaries are available on our April meeting note page and will be supplemented with our popular meeting notes after the meeting.

EFRAG (European Financial Reporting Advisory Group) (dk green) Image

EFRAG Board Meeting April 2017

19 Apr 2018

The European Financial Reporting Advisory Group (EFRAG) will hold a Board conference call on 23 April 2018.

An agenda with supporting papers can be found on the EFRAG website.

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