UK Accounting Plus - a comprehensive source for all UK accounting, reporting and corporate governance news and information

IASB finalises amendments to IFRS 3 regarding the definition of a business

22 Oct 2018

The IASB has issued 'Definition of a Business (Amendments to IFRS 3)' aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of assets. The amendments are effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2020.

ESAs comment on IFRS 17 endorsement process in the EU

19 Oct 2018

The European Supervisory Authorities (ESAs) have jointly written to the European Financial Reporting Advisory Group (EFRAG) to express concerns on the endorsement process for IFRS 17 'Insurance Contracts'.

IFRS Foundation Trustees chair discusses new role and upcoming priorities

18 Oct 2018

In a recent interview, the Chair of the IFRS Foundation Trustees Erkki Liikanen provided his thoughts on his new role, financial reporting in the global economy, and his priorities for the Trustees.

FRC Lab report on on business model reporting and risk and viability reporting

18 Oct 2018

A new report from the Financial Reporting Lab of the Financial Reporting Council (FRC) considers how reporting practice has changed since the Lab published its original reports on business model reporting and risk and viability reporting.

Recordings from the October 2018 DPOC meeting

18 Oct 2018

The Trustees of the IFRS Foundation are currently meeting in Johannesburg. On 16 October, the Due Process Oversight Committee (DPOC) of the Trustees held its meeting (the only part of the Trustees meeting held in public). Recordings from the meeting are now available.

We comment on updated draft SORP for Limited Liability Partnerships

17 Oct 2018

We have published our comment letter on the Consultative Committee of Accountancy Bodies' (CCAB's) Exposure Draft on an updated Limited Liability Partnerships (LLPs) Statement of Recommended Practice (SORP).

EFRAG issues final endorsement advice on ‘Amendments to References to the Conceptual Framework in IFRS Standards’

17 Oct 2018

The European Financial Reporting Advisory Group (EFRAG) has issued its final endorsement advice letter relating to the use in the European Union (EU) of ‘Amendments to References to the Conceptual Framework in IFRS Standards’ (“the Amendments”).

FRC publishes annual report 2017/18

17 Oct 2018

The Financial Reporting Council (FRC) has published its 2017/18 annual report (“the annual report”).

Insurers call for a two-year delay in the effective date of IFRS 17

17 Oct 2018

Nine insurance industry organisations from Europe, Canada, Korea, New Zealand, Australia, and South Africa have written a joint letter to the IASB asking for further amendments to IFRS 17 'Insurance Contracts' and a two-year delay in the effective date of the standard.

CMA launches immediate review of audit sector

17 Oct 2018

The Competition and Markets Authority (CMA) has announced a detailed study of the audit sector.

Deloitte e-learning — IAS 2

published 18 Oct 2018

This Deloitte e-learning module provides training in the background, scope and principles under IAS 2 'Inventories', and the application of this Standard. Topics covered include the definition of inventory, costs classified as inventory, cost formulas, and net realisable value.

Deloitte comment letter on updated draft SORP for Limited Liability Partnerships

published 17 Oct 2018

We have published our comment letter on the Consultative Committee of Accountancy Bodies’ (CCAB’s) Exposure Draft on an updated Statement of Recommended Practice (SORP) for Limited Liability Partnerships (LLPs).

EFRAG endorsement status report 12 October 2018

published 12 Oct 2018

The endorsement status report has been updated to reflect that EFRAG has published a final endorsement advice on 'Amendments to References to the Conceptual Framework in IFRS Standards' and to reflect the Accounting Regulatory Committee ('ARC') positive vote on amendments to IAS 19 regarding 'Plan Amendment, Curtailment or Settlement'.

Insurance webcast 67 — IFRS 17 Transition Resource Group Meeting #3

published 12 Oct 2018

Provides background of the TRG papers, summary output of the TRG discussions, and next steps.

IFRS on Point — September 2018

published 12 Oct 2018

IFRS on Point, published at the beginning of each month, highlights critical IFRS-related financial reporting developments.

Annual report insights 2018 — Surveying FTSE reporting

published 28 Sep 2018

In this publication we aim to provide insight into practices in annual reporting, focusing on areas where requirements have changed, where regulators are focusing or where innovative practices are emerging.

A Closer Look — Applying the expected credit loss model to trade receivables using a provision matrix

published 27 Sep 2018

The first half of this publication considers the new accounting requirements for impairment of financial assets and the second half suggests a potential way of applying a provision matrix approach in practice.

Deloitte comment letter on IFRS Foundation Trustees proposed tenure increases for Chair and Vice-Chair

published 14 Sep 2018

We have responded to the IFRS Foundation's exposure draft 'Amending the Terms of Appointment of the IFRS Foundation Trustee Chair and Vice-Chairs', that was published in June 2018. We do not support the proposals.

IFRS on Point — August 2018

published 13 Sep 2018

IFRS on Point, published at the beginning of each month, highlights critical IFRS-related financial reporting developments.

EFRAG endorsement status report 12 September 2018

published 12 Sep 2018

The endorsement status report has been updated to reflect the Accounting Regulatory Committee ('ARC') votes by written procedure on amendments to IAS 28 regarding 'Long-Term Interest in Associates and Joint Ventures'.

IASB Meeting — 24 and 25 October 2018

Start: 24 Oct 2018 - End: 25 Oct 2018

The IASB will meet in London on 24 and 25 October 2018 to discuss eight topics.

IASB Meeting — 19–20 September 2018

Start: 19 Sep 2018 - End: 20 Sep 2018

The IASB met in London on Wednesday 19 and Thursday 20 September 2018 to discuss seven topics.

IFRS Interpretations Committee meeting — 11–12 September 2018

Start: 11 Sep 2018 - End: 12 Sep 2018

The IFRS Interpretations Committee met in London on 11 and 12 September 2018 to discuss thirteen issues, including five new interpretation requests.

IASB Meeting — 17–18 July 2018

Start: 17 Jul 2018 - End: 18 Jul 2018

The IASB met in London on 17–18 July 2018 to discuss nine topics.

IASB Meeting — 19–21 June 2018

Start: 19 Jun 2018 - End: 21 Jun 2018

The IASB met in London on 19–21 June 2018 to discuss fifteen topics and included an educational session with the FASB.

IFRS Interpretations Committee meeting — 12 June 2018

Start: 12 Jun 2018 - End: 12 Jun 2018

The IFRS Interpretations Committee met in London on Tuesday 12 June 2018 and discussed seven issues, including two new interpretation requests.

IASB Meeting — 22–23 May 2018

Start: 22 May 2018 - End: 23 May 2018

The IASB met in London on Tuesday 22 and Wednesday 23 May 2018 to discuss seven topics.

IFRS Interpretations Committee meeting — 9 May 2018

Start: 09 May 2018 - End: 09 May 2018

The IFRS Interpretations Committee met via Video Conference Call on Wednesday 9 May 2018.

IASB Meeting — 24–25 April 2018

Start: 24 Apr 2018 - End: 25 Apr 2018

The IASB met in London on Tuesday 24 and Wednesday 25 April 2018 to discuss six projects.

IASB Meeting — 21–22 March 2018

Start: 21 Mar 2018 - End: 22 Mar 2018

The IASB met in London on Wednesday 21 and Thursday 22 March 2018, discussing seven projects.