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All you need on UK Accounting, Reporting & Corporate Governance
  • European Union Image
  • IFRS 17 endorsement in the EU takes next hurdle

    19 Jul 2021

    On 16 July 2021, the Accounting Regulatory Committee (ARC) voted in favour of endorsing IFRS 17 'Insurance Contracts' (including the amendments to IFRS 17 issued in June 2020) for use in the European Union. Final en¬dorse¬ment is currently expected in the fourth quarter of 2021.

  • ESMA (European Securities and Markets Authority) (dark gray) Image
    European Union Image
  • ESMA publishes 25th enforcement decisions report

    16 Jul 2021

    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 9 (three decisions), IFRS 16 (two decisions), IFRS 9/IFRS 7, IAS 1, IAS 1/IAS 34, IAS 1/IFRS 7 and IAS 7.

  • IASB meeting (blue) Image
  • Pre-meeting summaries for the July 2021 IASB meeting

    16 Jul 2021

    The IASB meets on Tuesday 20 and Wednesday 21 July 2021 and has a joint education session with the FASB on Friday 23 July, all by video conference. We have posted our pre-meeting summaries for the meeting that allow you to follow the IASB’s decision making more closely. We summarised 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.

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  • EFRAG endorsement status report 16 July 2021  Image
  • EFRAG endorsement status report 16 July 2021

    published 16 Jul 2021

    The endorsement status report has been updated to reflect the positive ARC vote on IFRS 17 'Insurance Contracts' (issued on 18 May 2017); including the amendments to IFRS 17 (issued on 25 June 2020).

  • Deloitte comment letter on the proposed CSRD Image
  • Deloitte comment letter on the proposed CSRD

    published 16 Jul 2021

    We support many of the proposals of the CSRD, including the development of EU Sustainability Reporting standards (ESRS) allowing for both international consistency and catering for EU needs and its legislative landscape. However, we note that issues at stake are global, investors and other stakeholders are often global, and many companies operate and source through global value chains. Therefore, similar to the G7 ministers of finance and central bank governors, we support a baseline global reporting standard for sustainability to be developed by the IFRS Foundation, which jurisdictions can further supplement.

  • 14 July Image
  • EFRAG endorsement status report 14 July 2021

    published 14 Jul 2021

    The endorsement status report has been updated to reflect that EFRAG has published draft endorsement advice on 'Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)'.

  • 2021 update on half-yearly financial reporting Image
  • 2021 update on half-yearly financial reporting

    published 09 Jul 2021

    Although lockdown measures are easing in many parts of the world and parts of the economy are showing signs of recovery, the macroeconomic environment and outlook remain highly uncertain. Many companies continue to face uncertainty about their prospects as a result of the ongoing impacts of the COVID-19 pandemic, the UK’s exit from the European Union, the impacts of climate change and wider macroeconomic factors, all of which can present reporting challenges for half-yearly financial reporters. Whilst companies will have addressed many of these challenges in their previous reporting against the backdrop of COVID-19, timely and high quality interim reporting that reflects the ongoing uncertainties companies face and their response to those uncertainties remains as important to investors, creditors and other stakeholders as ever.

  • EFRAG endorsement status report 8 July 2021 Image
  • EFRAG endorsement status report 8 July 2021

    published 09 Jul 2021

    The endorsement status report has been updated to reflect that EFRAG has published final endorsement advice on 'Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)' and 'Definition of Accounting Estimates (Amendments to IAS 8)'.

  • IFRS on Point — June 2021 Image
  • IFRS on Point — June 2021

    published 05 Jul 2021

    '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.

  • EFRAG endorsement status report 2 July 2021 Image
  • EFRAG endorsement status report 2 July 2021

    published 02 Jul 2021

    The endorsement status report has been updated to reflect that the European Union has formally adopted 'Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16)', 'Annual Improvements to IFRS Standards 2018–2020', 'Reference to the Conceptual Framework (Amendments to IFRS 3)', and 'Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37)', all published by the IASB on 14 May 2020.

  • Deloitte comment letter on the proposed amendments to the IFRS Foundation Constitution  Image
  • Deloitte comment letter on the proposed amendments to the IFRS Foundation Constitution

    published 30 Jun 2021

    We commend and continue to support the IFRS Foundation Trustees for their ongoing efforts to adapt the IFRS Foundation’s institutional arrangements to support sustainability reporting standard-setting and we encourage the IFRS Foundation to amend the constitution now to anticipate the further components necessary to support sustainability reporting standard-setting, which would increase the IFRS Foundation’s flexibility to respond. We agree with many of the IFRS Foundation’s proposals, but we have some concerns about specific matters.

  • On the board agenda – half year 2021 Image
  • On the board agenda – half year 2021

    published 27 Jun 2021

    This half year update is a timely reminder of some of the important reporting areas for board focus as we enter the second half of 2021. Our articles focus on interim reporting for those of you with December year ends, and an overview of changes in the regulatory reporting landscape as the Financial Reporting Council (FRC) works towards its goal to transform itself into the Audit, Reporting and Governance Authority (ARGA).

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