The current benchmarking system does not meet requirements for encouraging improvement in the audit market, says ICAEW.
Latest ICAEW Insights and accountancy news for April 2021
All the latest news about ICAEW and the accountancy profession.
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A modified version of the value-added income statement that includes a provision for nature would play a key role in protecting biodiversity
Cost overruns have been a recurring feature of the modern Olympic movement, but the pandemic has blown the doors off the budget for the Tokyo games.
Government departments publishing their annual report and accounts for the year ended 31 March 2021 have reported large reductions in income, substantial COVID-19-related expenditure and lower travel costs.
An EY Diversity Champion outlines key benefits the accountancy sphere will realise once they make the profession more inclusive. It starts with a spotlight directed at succession planning metrics.
A June deficit of £22.8bn led to public sector net debt reaching £2,218.2bn at the end of the 2021-22 fiscal year’s first quarter, fuelling speculation the Chancellor may delay the Autumn Budget.
Draft legislation, consultation updates and promises of future tax measures were made on 20 July. The focus for many will be on basis period reform, but ICAEW’s Tax Faculty highlights the other key announcements.
More than three-quarters of attendees to ICAEW’s recent Wyman Symposium agreed that the UK’s tax year end should move from 5 April to 31 December after hearing about the potential benefits and practical implications of making the change.
The government has moved swiftly to consult on draft legislation to reform basis period rules before MTD ITSA becomes mandatory. ICAEW is concerned that changes will be rushed through and disappointed that the normal consultation process is not being followed.
Highlights from the broader tax news week ending 21 July, which includes: HMRC clarification on working from home deduction, confirmation that CJRS and SEISS grant claimants cannot participate in MTD ITSA pilot and new VAT1 form for manual registrations, as well as HMRC's priorities for 2021/22 and its plans for dealing with tax debt.
ICAEW’s Audit and Assurance Faculty highlights key changes from the FRC’s revised standard on the auditor’s responsibilities relating to fraud in an audit of financial statements.
EY has set its sights on neurodiversity as the next target of its diversity and inclusion campaign, with a plan to recruit 150 neurodivergent individuals over the next three years.
There are risks to businesses of all sizes and sectors when opportunities across society and the economy are unequal – and chartered accountants have a key role to play in managing and mitigating those risks
Following pressure from ICAEW and other professional bodies on the quality of guidance on reporting and paying capital gains tax on UK residential property, HMRC has developed a new question and answer helpsheet offering further clarity and pledged to update existing guidance.
A slight uptick in export sales has been overshadowed by a ‘historically high’ fall in sales to EU customers, with B2C exporters losing out more than their B2B counterparts.