Talk Accountancy - Blog

    • 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
    • 15 Feb 2017
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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
    • 1200 views
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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’...
    • 13 Dec 2016
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    Why we must address global economic inequality

    Business and industry have played a crucial role in formulating the Sustainable Development Goals (SDGs). Since the 2012 Rio Earth Summit , businesses and industry have championed sustainability as part of risk management, green growth and poverty alleviation. As part of the major groups and other Stakeholders (MGoS) , this group has since actively participated in the Open Working Group on the SDGs, as well as subsequent...
    • 8 Dec 2016
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    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...
    • 8 Dec 2016
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    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 the new framework, most small entities that currently apply the Financial Reporting Standard for Smaller Entities (FRSSE) will switch to FRS 102 The Financial Reporting Standard...
    • 5 Dec 2016
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    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. This is an event of some importance for global capital markets and international investors given...
    • 1 Dec 2016
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    ICAEW Academy CPD training for banks

    With some large scale changes to the regulatory framework, 2016 has been a very interesting year for the financial services industry. Firstly, the issue of capital adequacy was brought to the fore when the European Banking Authority focused on capital management of institutions. Last week, the Prudential Regulation Authority (PRA) Board provided feedback on the minimum requirement for own funds and eligible liabilities...
    • 17 Nov 2016
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    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...
    • 14 Nov 2016
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    The power of partnerships: why collaboration lies at the heart of UN Global Goals success

    The 2030 agenda for sustainable development, which was adopted by the United Nations in September 2015, resulted in an ambitious set of 17 Sustainable Development Goals (SDGs) and 169 Targets. No government or organisation can expect to make a dent in them without the power of partnerships. In order to create sustainable livelihoods, the goals and targets require the engagement and support of all actors - governments...
    • 11 Nov 2016
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    Is good governance the new business culture?

    Much ink has been spilled exploring business culture in recent years, mostly in the aftermath of corporate scandals. Unsurprisingly, what has emerged is the systematising of culture, with good practice, roles, responsibilities, checks and balances and opportunities for internal auditors and others, particularly in the financial services sector to assure, comment and advise. What is plain is that you cannot legislate...