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  • Amendments to FRS 101 and 102 remove requirements to notify shareholders

    FRS 101 Reduced Disclosure Framework is an optional standard available to qualifying entities and is intended to enable cost-effective financial reporting within groups, particularly those applying EU-adopted IFRS in their consolidated financial statements. Similarly, the reduced disclosures available to qualifying entities in FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland are also…

    • 17 Jan 2017
  • FRS 102 1A Small Entities - effective from January 2016

    The time is now

    Many small entities will be preparing their first set of financial statements in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland in 2017. FRS 102 was revised in September 2015 and a new section, Section 1A Small Entities, was introduced for entities classified as small. This will replace the Financial Reporting Standard for Smaller Entities (FRSSE) with…

    • 17 Jan 2017
  • Accounting for Bitcoin

    A few years ago there was a lot of talk about Bitcoin, the fledging cryptocurrency that was threatening to take the world by storm. So much so that we included a bluffer’s guide to it in the Financial Reporting Faculty’s journal, By All Accounts, back in July 2014.

    You don’t hear quite as much about Bitcoin as you once did but it certainly hasn’t gone away. Quite the opposite in fact. Recent reports suggest…

    • 11 Jan 2017
  • IASB: What's on the agenda?

    In November, the IASB published its Work Plan for 2017-2021, in addition to a Feedback Statement on the 2015 Agenda Consultation. Four key conclusions emerged from the consultation process which have been used to shape the IASB’s work programme for the next 5 years. In this short blog, we summarise the work plan, as well as offer the Faculty’s viewpoint on some of its key themes.

    Completion of projects and…

    • 9 Dec 2016
  • ICAEW draft response to FRC consultation on updating FRS 102 for changes in IFRS

    Back in September, the Financial Reporting Council published a consultation document as part of its triennial review seeking stakeholder views on its proposed approach to updating FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland to reflect recent changes in IFRS.

    You can read more about these proposals – which suggest a two phase approach that would see incremental improvements & clarifications…

    • 8 Dec 2016
  • UK GAAP Checklists and Model Accounts

    With the busy year-end period approaching the Financial Reporting Faculty has seen a number of enquiries about UK GAAP resources, including model accounts and disclosure checklists from small companies and preparers of small company accounts. Under...
    • 7 Dec 2016
  • Reporting intangibles: an update

    Last month, the global accounting standard setter, the International Accounting Standards Board (IASB), published its work programme for the next five years.
    • 5 Dec 2016
  • Putting the Spotlight on Private Companies

    What are governments trying to achieve in regulating private company financial reporting? Is the IFRS for SMEs working? What are the costs and benefits of auditing private company accounts? These are just some of the questions to be explored at this year’s Information for Better Market Conference, organised by ICAEW. The overall theme of the conference, Private Company Financial Reporting, reflects the importance…

    • 17 Nov 2016
  • Brexit and financial reporting: an update

    Last July, we published an early assessment of the future impact of Brexit on UK financial reporting.
    • 11 Nov 2016
  • ESMA Survey on the Future Single Electronic Format – Deadline 21 October

    The European Securities and Markets Authority (ESMA) was empowered by Article 4 (7) of the Amended Transparency Directive to draft a regulatory technical standard (RTS) specifying the European Single Electronic Format (ESEF) format in which annual financial reports will have to be prepared and implemented across the EU.

    ESMA has already carried out a public consultation on the RTS and now intends to complement its analysis…

    • 20 Oct 2016
  • LISTEN TO OUR WEBINARS (AGAIN)

    Here at the Financial Reporting Faculty we regularly get very positive feedback about the quality and convenience of our webinars and we’re proud that they have been such a success. An additional benefit of the webinars is that they are recorded so you can listen to the recording should you have missed the live event, or can listen again if you want a refresher of what was said.

    Our webinar programme reflects developments…

    • 10 Oct 2016
  • Mandatory Gender Pay Gap Reporting – Public Sector Employers

    In August, the Government Equalities Office launched a consultation on mandatory gender pay gap reporting for public sector entities. This consultation is very similar to one launched in February on gender pay gap reporting for private companies.

    Given the similarities between the consultations, the main arguments made by the Financial Reporting Faculty (FRF) for the private sector remain relevant. Click here for further…

    • 6 Oct 2016
  • FRC proposes two step approach to its first triennial review of UK GAAP

    There has been quite a lot of discussion in recent months about just how far the FRC should go when undertaking its first triennial review of the new UK GAAP. Some have argued that the standard-setter should adopt a light touch, keeping changes to a minimum and doing no more than fixing known glitches and making a few clarifications here and there. Others have argued for something more radical, advocating more wholesale…

    • 3 Oct 2016
  • Small company filing options

    Many small companies currently take advantage of the option of filing abbreviated accounts with the Registrar of Companies instead of their full accounts. However, The Companies, Partnership and Groups (Accounts and Reports) Regulations 2015 remove this option for accounting periods beginning on or after 1 January 2016.

    Small companies are, however, still able to take advantage of the following filing options:

    1. They continue…
    • 26 Sep 2016
  • Accounting under the new UK GAAP for loans from directors who are also shareholders

    Many small and medium-sized businesses in the UK are financed in part by loans from directors who are also shareholders. More often than not the loans are informal, with little or no documentation setting out the terms, and interest free.

    Under ‘old’ UK GAAP the accounting treatment of these loans was relatively straightforward.

    However, the accounting treatment of some loans from directors has changed as…

    • 15 Sep 2016
  • AAA Conference 2016: US GAAP & IFRS, Prudence, and M&A accounting

    The American Accounting Association (AAA) celebrated its centenary this month by holding its annual conference in the US financial capital of New York. ICAEW were delighted to join in the celebrations by contributing to six panel sessions, four hosted and chaired by ICAEW’s technical strategy director, Robert Hodgkinson. As ever, financial reporting was at the heart of discussions, the topic of three of the panels. A…

    • 7 Sep 2016
  • IPSASB publishes new consultation paper

    The International Public Sector Accounting Standards Board (IPSASB) has issued a consultation paper entitled Public Sector Specific Financial Instruments. IPSASB sits under the auspices of International Federation of Accountants (IFAC) and develops international accounting standards for the public sector.

    The consultation paper considers the issues related to certain financial instruments found in the public sector and…

    • 30 Aug 2016
  • Financial reporting compliance : UNCTAD publishes UK case study

    The United Nations Conference on Trade and Development (UNCTAD) recently published the 2014 and 2015 editions of a collection of country case studies on compliance, monitoring and enforcement mechanisms in relation to financial reporting, auditing and the regulation of professional accountants. The UK case study was authored by the Financial Reporting Faculty’s Nigel Sleigh-Johnson and Eddy James.

    The reports examine…

    • 12 Aug 2016
  • Historic Low Interest Rates – Unforeseen Consequences

    On 4th August, the Bank of England cut interest rates from 0.5% to 0.25% - the lowest rate ever in the Bank's entire 322 year history. Whilst plenty will be written about the impact the reduced interest rate will have on mortgage and savings rates, there will also be a likely reduction in government gilt and corporate bond yields. This blog explores some of the possible consequences this will have on UK government financial…

    • 10 Aug 2016
  • FRC proposes amendments to FRS 101 shareholder notification

    In response to the concerns expressed by the Financial Reporting Faculty and others the FRC is proposing the remove the requirement for qualifying entities to notify shareholders of their intention to take advantage of the reduced disclosures.

    FRED 65 Draft amendments to FRS 101 Reduced Disclosure Framework – Notification of shareholders proposes to eliminate the requirement to notify shareholders altogether. Equivalent…

    • 9 Aug 2016
  • Updated draft of Limited Liability Partnerships SORP published

    Last week the CCAB published an updated draft of its LLPs SORP as promised when it completed its annual review of the SORP late last year.

    The proposed changes to the SORP follow in the wake of amendments that were made to the
    LLP Regulations in May 2016 to introduce changes to the financial reporting framework for LLPs similar to those that have been recently been introduced for companies, including raising the size…

    • 8 Aug 2016
  • UK Government Accounts Inquiry

    In February this year, Parliament’s Public Administration and Constitutional Affairs Committee (PACAC) launched an inquiry into the format and utility of both monthly management accounts and departmental accounts. The closing date for comments...
    • 17 Jun 2016
  • Incentives and institutions in accounting: thinking beyond standards

    ICAEW Financial Reporting Faculty’s Information for Better Markets thought leadership programme examines key questions in business reporting focusing on three key themes: disclosure, measurement and regulation.  A new report Incentives an...
    • 17 Jun 2016
  • New publication highlights radical changes for small and micro-entities

    Last year saw significant changes to the UK accounting regime for small companies. The FRSSE has been withdrawn, meaning that many small companies will now be within the scope of FRS 102 albeit with some disclosure exemptions. There is, however, a b...
    • 6 Jun 2016
  • How is the FRS 102 software working for you?

    Many organisations rely on accounting software to assist them in the preparation of their financial statements. When requirements change the expectation is that the software will keep pace with the new presentation and disclosure requirements.
    Now ...
    • 2 Jun 2016