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All you need on UK Accounting, Reporting & Corporate Governance
  • FRC Image
    UKGAAP Image
  • FRC proposes amendments to FRS 102

    29 May 2020

    The Financial Report Council (FRC) has issued Financial Reporting Exposure Draft (FRED) 74 ‘Interest rate benchmark reform (phase 2)’.

  • FRC Image
    UKGAAP Image
  • FRC amends FRS 101

    29 May 2020

    The Financial Report Council (FRC) has made amendments to FRS 101 ‘Reduced Disclosure Framework’ as a result of its annual review of the standard.

  • IASB document (blue) Image
  • IASB finalises amendment to IFRS 16 regarding COVID-19-related rent concessions

    28 May 2020

    The International Accounting Standards Board (IASB) has published 'Covid-19-Related Rent Concessions (Amendment to IFRS 16)' amending the standard to provide lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. Concurrently, the IASB also published a proposed Taxonomy Update to reflect this amendment.

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  • EC review of the NFRD postponed by three months

    27 May 2020

    In February 2020, the European Commission (EC) launched an initiative to review the European Non-Financial Reporting Directive (NFRD). The COVID-19 pandemic has now led to changes in the timetable.

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  • IASB releases podcast on IFRS 17 (May 2020)

    26 May 2020

    The IASB has released a podcast featuring IASB member Darrel Scott and technical staff member Vitalina Kobernik as they discuss the developments at the May 2020 Board meeting related to the amendments to IFRS 17 'Insurance Contracts'.

  • IPSASB (International Public Sector Accounting Standards Board) (mid gray) Image
  • Updated IPSAS-IFRS alignment dashboard

    26 May 2020

    The International Public Sector Accounting Standards Board (IPSASB), which develops the International Public Sector Accounting Standards (IPSAS) for financial reporting by governments and other public sector entities, has released an updated IPSAS-IFRS alignment dashboard showing how far individual IPSAS are aligned with corresponding IFRSs.

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  • Updated IASB work plan — Analysis (May 2020 meetings)

    25 May 2020

    Following the IASB's May 2020 supplementary and regular meetings, we have analysed the IASB work plan to see what changes have resulted from the meetings and other developments since the work plan was last revised in April 2020. Almost all changes result from the numerous exposure drafts and final amendments the IASB has published recently.

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  • Deloitte comment letter on the IASB's proposed amendments as a result of the second phase of its project on the IBOR reform Image
  • Deloitte comment letter on the IASB's proposed amendments as a result of the second phase of its project on the IBOR reform

    published 25 May 2020

    We are largely supportive of the amendments. In particular, we support the key changes that ensure that entities that apply hedge accounting will continue to do so as they transition to new benchmark interest rates and that the accounting for the modification of hedged items, when those modifications arise directly from the reforms, are reflected on a prospective basis via the application of IFRS 9:B5.4.5. We consider these as being the two most important elements of the proposals.

  • The latest board insights on COVID-19 Image
  • The latest board insights on COVID-19

    published 20 May 2020

    As we gradually emerge from lockdown, and as we look forward to the interim reporting for most companies, we thought we should bring together for you many of the areas which are important for boards to consider.

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  • Accounting considerations related to COVID-19 — Employee benefits

    published 18 May 2020

    Entities may be considering or implementing restructuring plans to mitigate their exposures associated with unforeseen consequences of the COVID-19 pandemic. In determining how to account for these measures, entities must start by identifying the nature and characteristics of each proposed compensation plan because it may affect the timing of the recognition of the benefits provided to employees. Learn more about how to account for employee benefits in response to COVID-19 in this video.

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  • Accounting considerations related to COVID-19 — Government assistance

    published 18 May 2020

    Certain government assistance may be offered in various ways. For example, reimbursement of expenses, reduction of income taxes, or investment tax credits. As a first step in accounting for the various measures offered by a government is determining whether they should be accounted for by applying IAS 20 'Accounting for Government Grants and Disclosure of Government Assistance' or IAS 12 'Income Taxes'.

  • IFRS on Point — April 2020 Image
  • IFRS on Point — April 2020

    published 06 May 2020

    '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.

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