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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

IFRS 16 Leases - Updated

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12-04-2021

This factsheet provides an overview of IFRS 16 with a focus on lessee accounting, including recognition, and right-of-use asset and liability measurement. It provides practical tips on implementation and answers some frequently asked questions.

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Latest news and insights

ICAEW backs ‘file once with government’ ambition

Efforts to improve the quality, value and integrity of information on the Companies House register are welcome, but the government must proceed with caution when it comes to shortening filing deadlines, says ICAEW.

Tax and COVID support: what you need to know

ICAEW’s Financial Reporting and Tax Faculties guide you through the accounting and tax treatment of the numerous government support packages made available to businesses through the pandemic.

Beyond financial reporting to sustainability reporting

The long-awaited goal of standardised sustainability reporting is getting closer. The announcement of the IFRS Foundation’s strategic direction and the publication of further reports from EFRAG – as well as clear intent from the UK Government – is putting us all on notice.

COVID-related rent concessions beyond 30 June 2021

18 February 2021: As lockdown continues, the issue of commercial rent concessions is certainly topical. Now the IASB is proposing an extension to the availability of the practical expedient issued last year that allows entities to account for rent concessions due to COVID-19 in a simpler way.

IFRS vs IPSAS: an overview of grant accounting

17 February 2021: ICAEW’s public sector team examines the differences between International Financial Reporting Standards and International Public Sector Accounting Standards and the suitability of each in public sector financial reporting.

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