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Resources

Resources image

This page helps identifies those 'hot topic' areas that are likely to be most relevant for UK reporters including other useful resources in financial reporting.  This page also gives you access to our 'Stay Tuned Online' internet-based financial reporting updates aimed at helping finance teams keep up to speed with IFRSs and other financial reporting issues.

Hot topics

We detail below a number of hot topics likely to be of relevance to both listed and unlisted companies and groups.

Listed companies/groups Unlisted companies/groups (including LLPs)

FRC issues 2016 UK Corporate Governance Code and revised Guidance on Audit Committees

Financial Reporting Council year-end advice to preparers in advance of the 2017/18 reporting season

FRC's Financial Reporting Lab publishes a follow up report on disclosure of dividend policy and practice

Financial Reporting Lab report on disclosures of supplier relationships and commercial income

FRC FAQs on ESMA Guidelines on Alternative Performance Measures

FCA amendments to the Disclosure and Transparency Rules (DTR) to implement the new EU Non-Financial Reporting Directive (2014/95/EU) requirement for issuers to disclose their diversity policy in the corporate governance statement.

Interim amendments to FRS 102 to provide interim relief for small entities when accounting for Directors’ loans prior to finalisation of the proposals in FRED 67.  

Changes to small company and micro-entity reporting (including FRS 105 and withdrawal of the FRSSE)

Revised SORPS to incorporate the requirements of FRS 102.

Deregulatory changes for LLPs and qualifying partnerships as a result of the UK implementation of the EU Accounting Directiv and amendments to FRS 105

FRC non-mandatory guidance on the going concern basis of accounting and reporting on solvency and liquidity risks for non-code companies.  

IASB Practice Statement on Making Materiality Judgements

ICAEW and ICAS publish updated guidance on realised and distributable profits under the Companies Act 2006

FRC proposes amendments to its Guidance on the strategic report

FRC consults on proposals for incremental improvements and clarifications to FRS 102

Amendments to FRS 101 and FRS 102 - Notification of shareholders - removes the requirement to notify shareholders

FRC Annual Review of Corporate Reporting 2015/2016

FRC consultation on improving the statement of cash flows 

Regulations implementing EU Non-Financial Reporting Directive published including European Commission guidelines.

New UK GAAP published including revised versions of FRSs 100-102 incorporating amendments as a result of the EU Accounting Directive.

Sharman proposals on going concern.  The FRC has now finalised its implementation of the recommendations of the Sharman Inquiry, with the publication of an updated version of the UK Corporate Governance Code in September 2014 and associated Guidance on Risk Management, Internal Control and Related Financial and Business Reporting. These are effective for periods commencing on or after 1 October 2014.  

The requirement to include a full listing of related undertakings within annual financial statements for accounts approved by Directors on or after 1 July 2015.

Changes as a result of the UK implementation of the EU Accounting Directive

Integrated reporting developments

Sustainability reporting developments

Audit reform including mandatory rotation. 

IFRS reporters

New and revised standards for 30 September 2017 year-ends

IFRS 9 Financial Instruments

IFRS 15 Revenue from contracts with customers

Clarifications to IFRS 15 'Revenue from Contracts with Customers' 

IFRS 16 Leases 

IFRS 17 Insurance Contracts

 

IFRS 2 - IASB clarifies the classification and measurement of share-based payment transactions

 

IASB's comprehensive project on the Conceptual Framework.

Other useful resources

Our "Other Regulatory" page provides content on various aspects of the UK Regulatory Framework, from the Financial Reporting Council (FRC) who are the authorised body to issue accounting standards to the various laws and rules to which UK companies are required to comply with.  Our "standards" page contains links to our summaries, analysis, history and resources for UK GAAP (including SORPS), International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS), IFRIC Interpretations,  SIC Interpretations and other pronouncements issued by the International Accounting Standards Board (IASB) and its related bodies.  It also includes information on the Financial Reporting Council (FRC), IFRS Foundation and the IASB and other organisations involved in financial reporting  Corporate Governance developments are contained within our "Governance" page.

Below are a number of other resources on various topics that may be of interest to UK reporters:

Specialist topics Broader issues
Country-by-country reporting Research and education
 Islamic accounting Global financial crisis
 eXtensible Business Reporting Language (XBRL)
 Public sector reporting
 Integrated reporting
Sustainability reporting

 

Correction list for hyphenation

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