Highlights of the latest guidance published by the Financial 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.
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.
Premium Content: This is exclusive item - please log in or subscribe to view this item.
This guide outlines factors to consider when determining whether post balance sheet events are adjusting or non-adjusting in the accounts.
Premium Content: This is exclusive item - please log in or subscribe to view this item.
This guide outlines the factors to consider when determining whether post balance sheet events are adjusting or non-adjusting in the accounts.
Updated guidance on the disclosure of auditor remuneration for the audit of accounts and other (non-audit) services which supersedes the guidance set out in TECH 14/13.
EU reaches significant milestone in efforts to encourage sustainable business practices through corporate reporting legislation.
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.
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.
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.
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.
HM Treasury’s UK Transition Plan Taskforce launches its Disclosure Framework and Guidance for the private sector at COP27 in Egypt.
Making the already published work of the Interpretations Committee more accessible, this compilation includes decisions made in a variety of areas.
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.
On a visit to Chartered Accountants’ Hall, Michalis Hadjipantela FCA, Minister for Health in Cyprus, told ICAEW’s Julia Penny and Alison Ring about how his chartered accountancy skills led to a career in government.
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.
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.
Public sector net debt on track to exceed £2.5trn by the end of the financial year, as £21bn of central government leases are brought onto the public sector balance sheet in August.
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.
The Treasury team in Cyprus is working through a number of projects to improve its processes and make its public financial management fit for a more complex future.
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.
The UK government has welcomed the publication of the exposure drafts and provided suggestions for the strategic direction of the standards setter.
The ISSB-GRI collaboration aims to show how two sets of standards can interact to provide unified reporting standards that meet the needs of investors and broader stakeholders.
ICAEW welcomes the International Sustainability Standards Board basing its proposed Climate-related Disclosures Standard on the TCFD framework, but expresses some concerns.
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.
New guidance from the FRC helps preparers incorporate new climate-related financial disclosures into their strategic report.
Policymakers should not underestimate the challenges many companies will face in implementing additional climate-related disclosure requirements, ICAEW warns.
MEPs and EU members agreed new sustainability reporting rules that aim to end greenwashing and lay the groundwork for a common set of global standards.
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.
ICAEW has responded to the UK Endorsement Board’s consultation on its Draft Due Process Handbook, stressing its belief that IFRS standards should be adopted in full.
The Financial Reporting Faculty talks to the new Vice-Chair of the ISSB about the need for high-quality, global sustainability disclosure standards.
As the IASB looks at feedback on proposals in the Discussion Paper on Disclosures, Goodwill and Impairment, Evita Livera looks at the pros and cons of amortisation of goodwill.
We speak to UK Endorsement Board Executive Chair, Pauline Wallace, about its achievements and future projects, including how to account for intangibles and cryptocurrencies.
The new standard will provide greater clarity and comparability in the UK insurance market, which is one of the largest in the world.
Europe’s corporate reporting body has launched a public consultation on draft corporate sustainability reporting standards, as the need for consensus on ways to report sustainability information gathers pace.
Efforts to coordinate developments in sustainability reporting stepped up a gear after the ISSB announced a new international working group to enhance alignment between its work and parallel initiatives of standard setters around the world.