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All you need on UK Accounting, Reporting & Corporate Governance
  • IASB meeting (blue) Image

  • Pre-meeting summaries for the September 2021 IASB meeting

    17 Sep 2021

    The IASB is meeting on Monday 20, Tuesday 21, Thursday 23 and Friday 24 September 2021. 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.

  • IFAC (International Federation of Accountants) (lt gray) Image
    G20 (lt green) Image

  • IFAC calls on G20 leaders to focus on sustainability reporting

    16 Sep 2021

    The International Federation of Accountants (IFAC) has released 'Four themes, two actions, one goal: G20 Call to Action 2021' urging G20 leaders to continue their commitment to sustainability, inclusion, prosperity, and global collaboration.

  • IVSC (International Valuation Standards Council) (lt green) Image

  • IVSC perspectives paper on intangible assets

    15 Sep 2021

    The International Valuation Standards Council (IVSC) has published a perspectives paper 'Time to get Tangible about Intangible Assets' that notes that despite the importance of intangible assets to the capital markets, only a small percentage are recognised on balance sheets.

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  • IFRS on Point — August 2021 Image

  • IFRS on Point — August 2021

    published 03 Sep 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.

  • Governance in focus – Audit Committee effectiveness – 2021 framework Image

  • Governance in focus – Audit Committee effectiveness – 2021 framework

    published 03 Sep 2021

    The work of the audit committee has never been more important: investors, other stakeholders and regulators demand ever more informative and reliable reporting, not just of the results and financial position, but of strategy, resilience, long term value creation, of values, of a company’s role in climate change, not to mention the community and the whole public interest agenda. To assist with the annual Code requirement to review the effectiveness of your audit committee, committee members will want to keep current with the range of new calls on their time and attention. Given how much the landscape has already changed for audit committees, we decided to update this effectiveness framework for current expectations, even though more changes will emanate from the 2021 consultations on corporate reporting and audit reform.

  • Governance in focus – Effectiveness of the external audit process – 2021 framework Image

  • Governance in focus – Effectiveness of the external audit process – 2021 framework

    published 03 Sep 2021

    The importance of the audit committee’s focus on audit appointment, audit quality and the effectiveness of the external audit process continues to increase. Indeed, it is more important than ever that the audit committee should be able to make their assessment of audit quality with confidence, as it is a key part of the audit committee’s role to scrutinise the quality of the external audit on behalf of shareholders. This concise set of just twenty-five questions for audit committees and ten questions for material component management to consider has been updated to reflect the fast-moving world of audit and reporting.

  • Deloitte comment letter on the IASB's discussion paper on business combinations under common control Image

  • Deloitte comment letter on the IASB's discussion paper on business combinations under common control

    published 31 Aug 2021

    We generally agree with the Board’s preliminary views as expressed in the discussion paper. In particular, we agree that different methods should be applied depending on the characteristics of the receiving entity. We agree that when the receiving entity does not have non-controlling shareholders, use of a book-value method is justified by cost-benefit considerations. However, we do not agree that the receiving entity should be required to use the transferred entity’s book values. We also agree that the acquisition method is likely to provide more relevant information to investors that must rely on general purpose financial statements of the receiving entity to obtain the information they require. Accordingly, we believe that the application of the acquisition method should be required more broadly than what is proposed in the discussion paper.

  • Deloitte comment letter on the IASB's proposal regarding the lack of exchangeability Image

  • Deloitte comment letter on the IASB's proposal regarding the lack of exchangeability

    published 31 Aug 2021

    We acknowledge that the use of an official exchange rate may not produce meaningful results when this rate is not available to the entity. However, we do not believe that attempting to estimate the exchange rate that would have been available if the currency had been exchangeable would produce meaningful results either. Accordingly, we believe that the Board should seek a solution that gives precedence to comparability.

  • 31 August Image

  • EFRAG endorsement status report 31 August 2021

    published 31 Aug 2021

    The endorsement status report has been updated to reflect that the European Union has formally adopted the pronouncement 'Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)' published by the IASB in March 2021.

  • Corporate Governance Disclosure Checklist (For periods commencing on or after 1 January 2021) Image

  • Corporate Governance Disclosure Checklist (For periods commencing on or after 1 January 2021)

    published 20 Aug 2021

    This checklist produced by Deloitte (UK) sets out the key disclosure requirements under the Listing Rules, the Disclosure Guidelines and Transparency Rules on audit committees and corporate governance statements, the 2018 UK Corporate Governance Code, the Guidance on Risk Management and Internal Control and Related Financial and Business Reporting, the 2016 version of the Guidance on Audit Committees, the 2018 version of the Guidance on Board Effectiveness and the Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014. The checklist was updated to reflect some changes in the scope of certain requirements after IP completion day (defined as 31 December 2020 at 11.00pm UK time) as a result of the UK’s withdrawal from the EU.

  • IFRS on Point — July 2021 Image

  • IFRS on Point — July 2021

    published 05 Aug 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.

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