Highlights of the latest guidance published by the Corporate Reporting Faculty as well as news and insights on current developments in financial reporting.
Premium Content: This is exclusive item - please log in or subscribe to view this item.
This guide helps non-insurers determine whether, and to what extent, they may be affected by the standard.
Premium Content: This is exclusive item - please log in or subscribe to view this item.
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.
Premium Content: This is exclusive item - please log in or subscribe to view this item.
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.
Premium Content: This is exclusive item - please log in or subscribe to view this item.
Factors to consider when doing a going concern assessment and the practical implications for financial reporting.
Premium Content: This is exclusive item - please log in or subscribe to view this item.
Factors for preparers of micro-entity accounts to consider when doing a going concern assessment and the practical implications for financial reporting.
Premium Content: This is exclusive item - please log in or subscribe to view this item.
This guide summarises management’s responsibilities for assessing going concern and the associated practical implications for financial reporting under IFRS.
The regulator’s latest thematic review identifies common challenges in the reporting of discount rates based on analysis of annual reports.
Premium Content: This is exclusive item - please log in or subscribe to view this item.
Summarising the requirements of FRS 102 for basic and other financial instruments, this factsheet includes practical tips and illustrative examples.
Premium Content: This is exclusive item - please log in or subscribe to view this item.
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.
Premium Content: This is exclusive item - please log in or subscribe to view this item.
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.
Recent events highlight that there may be new risks at play in the dynamics and the speed with which banks can fail.
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.
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 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.
Chairs stress that close collaboration between their two bodies ultimately leads to high-quality reporting for end users in the investment community.
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.
Amid dramatic regulatory and climate-based shifts, evaluating the useful economic lives of long-term physical assets is a responsibility that no corporate can afford to ignore.
Initiative follows consultation results indicating that companies tend to view climate risks as remote and long term in nature.
Reflecting that reporting today is about much more than financial information, ICAEW’s Financial Reporting Faculty is changing its name to the Corporate Reporting Faculty.
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.
Early engagement with users of financial statements and consideration of digital reporting implications of new disclosure requirements among changes outlined by the body responsible for development of IFRSs.
ISSB ramps up activities to support global implementation as it prepares for inaugural standards to be issued in the summer.
ICAEW welcomes the rejection of a reintroduction of amortisation of goodwill following evidence gathered in the IASB’s Business Combinations project.
Financial institutions and their intermediaries require sectoral standards on sustainability reporting rules for clarity and coherence, argues ECB.
ICAEW’s Financial Reporting Faculty has published a new factsheet – its first focused on sustainability reporting.
Luxury retailer Burberry started early with TCFD reporting. Its efforts were highly commended at the 2022 Finance for the Future Awards.
CEO of Global Reporting Initiative underscores the continued relevance of his organisation’s protocol.
The Financial Reporting Council (FRC) has published draft amendments to UK GAAP standards for comment. The consultation is open until the end of April 2023.
Highly commended at the 2022 Finance for the Future Awards for its integrated approach, Edinburgh Airport has made great strides in its non-financial reporting, treating sustainability with the same rigour as finance.
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.
Deloitte analysis of FTSE 350 annual report highlights need for companies to better demonstrate how they are linking relevant matters to their wider business models.
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.
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.
Legislative delays, new statutory bodies and the introduction of IFRS 16 are all adding to the challenges facing health sector finance teams.
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.
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.
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.
The National Audit Office says assurance delays in COVID-19 grants have led to only 0.4% of estimated fraudulent or erroneous payments being recovered.
HM Treasury’s UK Transition Plan Taskforce launches its Disclosure Framework and Guidance for the private sector at COP27 in Egypt.
CIPFA and ICAEW call for the full application of IFRS 9 to pooled investments as soon as possible to improve the transparency of reporting.
Based on feedback received from more than 700 respondents, the ISSB begins redeliberating its proposed sustainability standards.
Public Accounts Committee criticises slipping timetables, “poor” use of IT and a failure to get on top of the crisis in local audit for the delay in producing the UK’s consolidated financial statements for 2019/20.
A Financial Reporting Council thematic review, prompted by an increase in reported losses by entities, highlights good practice on deferred tax asset accounting and disclosures.
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.
Exposure draft reflects improvements made to full IFRS Accounting Standards since it was last updated in 2015 and may have knock-on effects on UK GAAP.
Emmanuel Faber calls for more discussion time between ISSB and its European colleagues to work out a shared approach for how companies should report sustainability data.
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.
ICAEW expresses serious concern that EFRAG’s proposed European sustainability reporting framework could contribute to a fragmented sustainability reporting system.
Separate reports from the FRC and FCA indicate that premium listed companies have made significant progress in the quality of climate-related reporting, but more needs to be done.
ICAEW welcomes the two exposure drafts from the International Sustainability Standards Board on sustainability-related financial information and climate-related disclosures respectively.