Need to know

Designed for financial controllers, chief accountants and accounting technicians, this publication series from Deloitte provides overviews of new accounting matters, including narrative reporting.

Prior to 2013, this publication series was known as iGAAP Alert.

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Related Publications

Need to know — FRC amends FRS 102 to address supplier finance arrangements

26 Apr, 2024

This Need to know outlines the amendments to FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' in relation to Section 7 'Statement of Cash Flows', published by the Financial Reporting Council (FRC) in March 2024 to introduce disclosure requirements regarding supplier finance arrangements.

Need to know — IASB publishes new standard on presentation and disclosure in financial statements

23 Apr, 2024

This Need to know outlines IFRS 18 'Presentation and Disclosure in Financial Statements' published by the International Accounting Standards Board (IASB) on 9 April 2024.

Need to know — IASB proposes addendum to exposure draft 'Third edition of the IFRS for SMEs Accounting Standard'

12 Apr, 2024

This 'Need to know' outlines the proposed amendments to the 'IFRS for SMEs' Accounting Standard set out in exposure draft 'Addendum to the Exposure Draft Third Edition of the IFRS for SMEs Accounting Standard’ published by the International Accounting Standards Board (IASB) on 28 March 2024.

Need to know — EFRAG proposes ESRS for listed SMEs

11 Apr, 2024

This 'Need to know' outlines the exposure draft 'ESRS for listed small- and medium-sized enterprises' that was published by EFRAG on 22 January 2024.

Need to know — Financial reporting: IASB proposes amendments to improve reporting on acquisitions Image

Need to know — IASB proposes amendments to improve reporting on acquisitions

28 Mar, 2024

On 14 March 2024, the IASB published an exposure draft IASB/ED/2024/1 Business Combinations — Disclosures, Goodwill and Impairment (Proposed amendments to IFRS 3 and IAS 36). It contains proposed amendments that aim at enhanced information on acquisitions. This newsletter outlines the proposed amendments.

Need to know — SEC adopts rule that requires climate-related disclosures

20 Mar, 2024

In March 2024, the SEC adopted a final rule that requires registrants to provide climate-related disclosures in their annual reports and registration statements. This newsletter explains the contents of the rule.

Need to know — EU Taxonomy

28 Feb, 2024

This Need to know discusses the EU Taxonomy Regulation that the EU has implemented as part of its broader sustainable finance strategy. The EU Taxonomy is a classification system of economic activities that can be considered ‘environmentally sustainable’ with one (or more) of the six EU environmental objectives laid out in the Regulation. The Regulation sets mandatory requirements on disclosure for those in scope of the Non-Financial Reporting Directive (NFRD) (and the Corporate Sustainability Reporting Directive (CSRD) once it comes into effect). Non-EU entities that have debt or equity securities traded on EU regulated markets may be in scope as a result of the rules of the specific EU regulated market. If not, they will be brought into scope once the CSRD comes into effect.

Need to know — California Climate Legislation

18 Jan, 2024

In October 2023, the California Governor signed into law two state senate bills and one assembly bill. The senate bills collectively require certain public and private US companies doing business in California to provide both quantitative and qualitative climate disclosures. The assembly bill is intended to combat entities’ “greenwashing” of climate-related emission claims. This newsletter explains the content of the bills.

Need to know — IASB publishes Exposure Draft 'Financial Instruments with Characteristics of Equity'

13 Dec, 2023

This Need to know outlines the proposed amendments to IAS 32 'Financial Instruments: Presentation', IFRS 7 'Financial Instruments: Disclosures' and IAS 1 'Presentation of Financial Statements' set out in Exposure Draft (ED) 'Financial Instruments with Characteristics of Equity', published by the IASB in November 2023.

Need to know — Areas of Focus for Corporate Reporting (November 2023)

13 Nov, 2023

This 'Need to know' sets out financial reporting issues that may be relevant in view of the current economic and geopolitical environment and also highlights areas of regulatory focus and recent changes in accounting standards. The topics contained within this publication will be relevant to all companies preparing annual reports and accounts as well as half-yearly reporters. This 'Need to know' should be read in conjunction with Closing Out 2022 and the Financial Reporting council’s (FRC’s) latest Annual Review of Corporate Reporting which contain additional topics for UK entities to consider including reporting expectations and areas of regulatory focus.

Need to know — TNFD publishes final recommendations for nature-related risk management and disclosure

31 Oct, 2023

This Need to know outlines the final recommendations for nature-related risk management and disclosure (Version 1.0), published by the Taskforce on Nature-related Financial Disclosures (TNFD) in September 2023. These recommendations aim to help businesses start measuring, managing and disclosing their nature-related impacts, dependencies, risks and opportunities

Need to know — Transition Plan Taskforce publishes final disclosure framework on climate transition plans

25 Oct, 2023

This Need to know discusses the Transition Plan Taskforce’s (TPT) Disclosure Framework and implementation guidance. It also summarises the expected forthcoming consultations and next steps to introduce UK disclosure requirements related to transition plans.

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Need to know

Related Publications

Need to know — FRC amends FRS 102 to address supplier finance arrangements

Need to know — IASB publishes new standard on presentation and disclosure in financial statements

Need to know — IASB proposes addendum to exposure draft 'Third edition of the IFRS for SMEs Accounting Standard'

Need to know — EFRAG proposes ESRS for listed SMEs

Need to know — IASB proposes amendments to improve reporting on acquisitions

Need to know — SEC adopts rule that requires climate-related disclosures

Need to know — EU Taxonomy

Need to know — California Climate Legislation

Need to know — IASB publishes Exposure Draft 'Financial Instruments with Characteristics of Equity'

Need to know — Areas of Focus for Corporate Reporting (November 2023)

Need to know — TNFD publishes final recommendations for nature-related risk management and disclosure

Need to know — Transition Plan Taskforce publishes final disclosure framework on climate transition plans

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Correction list for hyphenation