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Corporate reporting news and insights

Highlights of the latest guidance published by the Corporate Reporting Faculty as well as news and insights on current developments in financial reporting.

Corporate Reporting Faculty highlights

Planning for the 2022/23 reporting season

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08-12-2022

This guide sets out the areas of reporting that may require more attention than in previous years. It also considers the impact of an uncertain economic environment on the accounts.

How high inflation impacts accounting

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05-12-2022

As inflation increases after a sustained period of low inflation, companies are now having to consider the impact high inflation has on their financial reporting and related uncertainties.

Going concern considerations – a guide for FRS 105 preparers

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06-09-2022

Factors for preparers of micro-entity accounts to consider when doing a going concern assessment and the practical implications for financial reporting.

Going concern considerations - a guide for IFRS reporters

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06-09-2022

This guide summarises management’s responsibilities for assessing going concern and the associated practical implications for financial reporting under IFRS.

Financial instruments: FRS 102 factsheet

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05-01-2023

Summarising the requirements of FRS 102 for basic and other financial instruments, this factsheet includes practical tips and illustrative examples.

IFRS 9 Financial Instruments - hedge accounting - Updated

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09-01-2023

This updated factsheet outlines the hedge accounting requirements of IFRS 9 Financial Instruments, comparing them with those of IAS 39. It also contains practical tips to help with implementation.

IFRS 9 Financial Instruments – overview - Updated

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05-01-2023

This updated factsheet outlines the key requirements of IFRS 9 Financial Instruments, including classification and measurement, and impairment of financial assets. It’s focus is on the non-financial sector.

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Latest news and insights

SEC Commissioner: IFRS cannot lose sight of core role

18-05-2023

In his only UK speech during his visit last week, the US Securities and Exchange Commission’s Mark T Uyeda stressed the importance of a focus on accounting standards in his keynote address at Chartered Accountants’ Hall.

Accountancy Europe calls for EFRAG funding boost

09-05-2023

Urgent letter warns that the European Financial Reporting Advisory Group is currently in an “unacceptable working condition” and unable to hire the expert staff it needs, threatening the fulfilment of CSRD.

ICAEW submits final views on FRED 82

02-05-2023

ICAEW is broadly supportive of the draft amendments to UK GAAP standards set out in FRED 82, but raises issues that the Financial Reporting Council (FRC) should consider before finalising changes to FRS 102 and other FRSs.

Why FRED 82 matters to charity finance professionals

18-04-2023

The Financial Reporting Council (FRC) is seeking feedback on draft amendments to FRS 102. Here’s why it’s important for all charity finance professionals to make their voices heard before the consultation deadline of 30 April 2023.

FRED 82: ICAEW’s initial views

04-04-2023

ICAEW is broadly supportive of the Financial Reporting Council’s (FRC) draft amendments to UK GAAP but highlights areas that need further consideration, including the approach to lease accounting requirements and the proposed effective date.

Burberry: lessons in adopting TCFD

23-01-2023

Luxury retailer Burberry started early with TCFD reporting. Its efforts were highly commended at the 2022 Finance for the Future Awards.

How to get TCFD scenario analysis right

14-12-2022

With many of its underlying requirements open to interpretation, TCFD scenario analysis is a complex area for accountants to navigate. Here is an overview of the main guidance gaps, why they matter – and what companies should do to bridge them.

Natura: Brazil’s integrated reporting pioneers

02-12-2022

The Brazilian giant, the first publicly listed company to become a B Corp, has been pushing an integrated approach for 30 years. Having taken this further still, it was highly commended at this year’s Finance for the Future Awards.

SDG reporting in the public sector: the future

29-11-2022

The 2030 Agenda for Sustainable Development is a historic global agreement agreed by world leaders at the United Nations in 2015. Seven years on, reporting on the 17 Sustainable Development Goals (SDGs) remains a work in progress.

Forico: a blueprint for natural capital reporting

24-11-2022

There is as yet no set of accounting standards for natural capital reporting. So Forico’s finance team figured out their own approach, using accounting principles and guidance from the Capitals Coalition and others – winning a Finance for the Future Award for its bold, innovative and rigorous approach.

ISSB one year on: looking to the future

15-11-2022

As COP27 comes to a close, we look back over the achievements of the International Sustainability Standards Board in its first year, its current challenges and future plans.

Long-term debt with covenants: amendments to IAS 1

14-11-2022

Amendments to IAS 1 Presentation of Financial Statements have been issued to clarify that the classification of liabilities as current or non-current should be based on rights that exist at the end of the reporting period.

Earnings per share: improvement needed

29-09-2022

While acknowledging that applying IAS 33 is not always straightforward, the FRC highlights aspects of the standard that are more frequently applied incorrectly, and/or tend to cause confusion.

Digital assets: what are the accounting issues?

23-08-2022

ICAEW’s Head of Tech Policy, Esther Mallowah, explores the challenges surrounding accounting for digital assets and provides highlights of a recent panel discussion on the subject.

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