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Financial reporting news and insights

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

Financial Reporting Faculty highlights

Going concern considerations – a guide for FRS 105 preparers

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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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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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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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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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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

SDG reporting in the public sector: the future


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


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.

The case for a local government simplified statement


Sir Tony Redmond first recommended the idea of a simplified statement two years ago in his government-commissioned independent review. He explains why the concept is as valid now as it was then.

ISSB one year on: looking to the future


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


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.

Service performance reporting in the public sector


In New Zealand, a shift away from the terminology of inputs, outputs and outcomes to allow public sector organisations to choose how to tell their service performance stories is boosting accountability.

Earnings per share: improvement needed


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.

ICAEW: Whole of Government Accounts of “critical importance”


Delays in publishing the Whole of Government Accounts make it even more difficult for the government to have a clear understanding of the UK’s fiscal position as it embarks on major tax and spending changes that will reshape the public finances.

Digital assets: what are the accounting issues?


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.

IASB adds major projects to research pipeline


Focus on intangible assets and cash flow statements announced but completion of current work plan will be a priority for the next two years to limit disruption for preparers.

Sustainability reporting proposals: ICAEW initial views


The ISSB’s proposed standard on general requirements for the disclosure of sustainability-related financial information is a big step in the right direction for sustainability reporting – but improvements are needed.

A new global baseline?


The Financial Reporting Faculty talks to the new Vice-Chair of the ISSB about the need for high-quality, global sustainability disclosure standards.

Reviewing the UKEB’s first year


We speak to UK Endorsement Board Executive Chair, Pauline Wallace, about its achievements and future projects, including how to account for intangibles and cryptocurrencies.

UK endorses adoption of IFRS 17


The new standard will provide greater clarity and comparability in the UK insurance market, which is one of the largest in the world.

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