Talk Accountancy - Blog

    • 22 May 2017
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    Is the IFRS for SMEs good for SMEs?

    With small and medium-sized entities (SMEs) playing an important role in the global economy and representing over 95% of companies worldwide, the IFRS for SMEs was deemed an appropriate topic for discussion on the ICAEW symposium at the European Accounting Association – held in Valencia earlier this month. The specific question to be addressed by the panellists – representing both the academic and standard...
    • 18 May 2017
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    Emails from ICAEW Communities.

    Due to a technical error some of our ICAEW Community members may have received a large number of emails relating to forum or blog posts. We would like to apologise for any inconvenience caused and assure all users that this is neither a hack nor a data breach. We have identified and disabled the source of the error and will publish further updates on the matter here.
    • 16 May 2017
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    Accounting for directors’ loans under FRS 102: interim relief for small companies

    For much of the past 12 months or so, finding a solution to members’ concerns about the accounting provisions for directors’ loans – requiring FRS 102 reporters to determine and apply a discount rate for loans from directors by reference to the market rate for a similar debt instrument with an unrelated party – has been one of the Financial Reporting Faculty’s top priorities. We developed...
    • 8 May 2017
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    "When not to measure" - our new report on business performance management

    'What gets measured gets done' is a compelling mantra. But sometimes measurement does more harm than good. In particular measurement can undermine intrinsic motivation, reduce innovation and destroy relationships. In our new report, authored by entrepreneur and academic, Dr Chris Ford FCA, we provide practical advice on analysing your performance management system and redesigning it to facilitate the behaviours...
    • 3 May 2017
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    Too much red tape?

    Parliament is dissolved today. No new regulations for over a month! The red tape measure is at rest. So this is an opportune time to consider how government’s ‘one in three out’ policy is working and what the prospects may be for Oliver Letwin’s promised bonfire of red tape after we leave the EU. The Committee of Public Accounts was unimpressed by progress so far, pointing out the irony in...
    • 2 May 2017
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    PII Regulations and minimum wording updated 1 May 2017

    ICAEW’s PII Regulations and minimum wording were updated 1 May 2017. Participating insurers are now required to provide at least 24 months run-off cover to firms which cease practice. This cover may be conditional on payment of an additional premium, but it should make it easier to obtain run-off cover in the market. Firms will also have the freedom to determine the terms and extent of the run-off cover, provided...
    • 11 Apr 2017
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    Mind the GAP, technical update

    The Financial Reporting Faculty will be hosting another exciting technical update for recently qualified members. The concept behind Mind the GAP is to provide small, bite-sized technical updates and to encourage some mingling afterwards – all in informal surroundings with free food and drink thrown in for good measure. The next event will take place on 6 June and starts at 18:00 and finishes at about 20:00. The...
    • 30 Mar 2017
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    New UK GAAP version 2.0 – proposed incremental improvements and clarifications to FRS 102

    Many of us still talk about ‘new UK GAAP’. But the truth is that it isn’t really all that new anymore as FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – the standard that forms the cornerstone of the ‘new’ regime – was issued back in March 2013 and became effective for accounting periods beginning on or after 1 January 2015. Just over...
    • 9 Mar 2017
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    Brexit: Questions for Financial Reporting Policy Makers

    The passage of the European Union (Notification of Withdrawal) Bill through Parliament is expected to lead within weeks to the firing of the starting gun for the formal negotiations on the departure of the UK from the European Union. So now is the time for financial reporting policy makers and their constituents to start a conversation about the implications of that process for UK financial reporting. This is no small...
    • 8 Mar 2017
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    The Industrial Strategy Challenge Fund announced in the Budget 2017 is a good idea - but is it the right answer?

    The allocation of £270m to the new Industrial Strategy Challenge Fund (ISCF) fund makes perfect sense, but only if its investments are made in a radically new way. What's most urgently needed, as we highlighted in our report Boosting Finance for Engineering and Technology , is flexible and sustained funding for Britain’s innovative science-based and creative businesses, over the long-term - an investment...
    • 6 Mar 2017
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    Supplier Payment Disclosures: The new statutory duty to report on payment practices

    The Department for Business, Energy and Industrial Strategy (BEIS) has published guidance for companies and Limited Liability Partnerships (LLPs) who need to comply with regulations establishing a new statutory reporting duty for payment practices and performance. These regulations require the UK’s largest companies and LLPs to report on a half-yearly basis details of their payment practices and policies for financial...
    • 6 Mar 2017
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    We are recruiting for our professional conduct committees.

    Find out more about how you can support professional standards http://www.icaew.com/en/about-icaew/who-we-are/governance/board-and-committee-vacancies
    • 3 Mar 2017
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    Audit News - issue 59 now available

    In this issue: upcoming changes to the Audit Regulations, Irish insurance brokers – filing requirements and improve audit quality using root cause analysis. Download your copy
    • 28 Feb 2017
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    The General Data Protection Regulations (GDPR). The countdown to 25 May 2018 starts here!

    What are the General Data Protection Regulations (GDPR)? The EU has introduced the GDPR to update and harmonise data protection practices across the EU. It is partly an update to meet the data challenges of the 21 st century but also aims to increase the protection afforded to consumers primarily by increasing the obligations on individuals and organisations to handle personal data securely. Who does it apply to?...
    • 15 Feb 2017
    • 3042 views
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    Corporate Governance Thought Leadership: Connect and reflect

    Not a day goes by without a media headline to do with corporate governance. Journalists know that there is overwhelming interest in how much top executives get paid, and recent high-profile scandals have added to the public's interest in how big business operates. At the same time businesses provide essential jobs and services, and business leaders must manage a wide range of competing priorities. No wonder getting...
    • 9 Feb 2017
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    Private company financial reporting: advancing the debate

    In December, ICAEW held its annual Information for Better Markets Conference ‘Private company financial reporting’. The theme for this year’s conference was chosen to reflect the importance of private companies to the global economy and a renewed interest in small and medium-sized entity reporting following the introduction of IFRS for SMEs. In its 12 th year, the conference continues to attract a broad...
    • 9 Feb 2017
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    Small company filing options – updated resources now available

    Many small companies currently file ‘abbreviated’ accounts with Companies House as permitted by section 444 of the Companies Act 2006. Recent changes to company law have, however, removed this option for periods beginning on or after 1 January 2016. The demise of abbreviated accounts will not, however, mean that small companies will be required to file ‘full’ accounts in future as other alternatives...
    • 7 Feb 2017
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    Building a community of members in Europe

    2017 is going to be an exciting year for ICAEW in Europe , as we take further steps to develop the Region’s reputation and influence initiatives, ACA training and member engagement. All this, as we continue to provide input to ICAEW as a new UK-EU relationship starts to take shape. We are determined to enhance our member community in Europe . Key to this will be the first direct elections of Council Members in...
    • 6 Feb 2017
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    Digital Formats for Company Information

    In December, the European Securities and Markets Authority (ESMA) published a feedback statement, providing an overview of comments received in response to its recent consultation on proposed new digital formats for EU issuers' financial reporting and setting out its proposed approach to creating a single digital format which issuers will use to report their company information. ESMA concluded that inline XBRL ...
    • 25 Jan 2017
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    Clients' money update

    Following the recent change to the clients’ money regulations (CMR 8A), the clients’ money helpsheets and FAQs have been updated . Take some time to remind yourself of the requirements of this regulated area.
    • 10 Jan 2017
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    Climate change: new global recommendations for corporate reporting

    Many argue that climate change is one of the most significant risks facing business in the 21st century. Accordingly, in December 2015, the Financial Stability Board, responsible for promoting global financial stability and chaired by Mark Carney, established the Task Force on Climate-related Financial Disclosures (TCFD) . The TCFD has now published a ground-breaking report, Recommendations of the Taskforce on Climate...
    • 10 Jan 2017
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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...
    • 10 Jan 2017
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    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...
    • 9 Jan 2017
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    How and why businesses can help drive the UN Global Goals

    In September 2015, world leaders adopted the seventeen Global Goals for Sustainable Development, with the aspiration that completion of these Goals would be a major step towards combating pressing issues such as extreme poverty, inequality and climate change. And it’s clear that these issues are too large for governments to tackle on their own - support and action is needed from many different actors in the world...
    • 13 Dec 2016
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    Practice Assurance – what you need to know

    We have recently updated our webinar that sets out the fundamentals of Practice Assurance. A useful tool for all firms, particularly if you are about to set up in practice, or preparing for an ICAEW monitoring visit. The webinar is about an hour and is divided into chapters, so you can select which parts you watch and when it’s convenient to you. View the ‘Practice Assurance – what you need to know’...