Next week in Luxembourg, the International Public Sector Accounting Board (IPSASB) and its Consultative Advisory Group (CAG) will meet to go through what is arguably a busy agenda. It is at these meetings that exposure drafts and consultations, as well as accounting standards themselves, get signed off and agreed upon, so these meetings are vital in progressing the IPSAS standards (standards created specifically for the...

This year’s report includes a focus on FRS102 and runs through some key points that firms have missed in the first year of implementation. It also highlights some of the underlying causes including the danger of over-relying on your accounts production software. Make sure your firm doesn’t fall into the same trap - download the report

It has now been a couple of months since the FRC published FRED 67 , an exposure draft setting out a number of proposed improvements and clarifications to ‘new’ UK GAAP. The press release that accompanied its publication described the proposed changes as ‘simplifications’ and promised that they will make it ‘easier’ and ‘more cost-effective’ to apply the standard. The...

The International Public Sector Accounting Standards Board ( IPSASB ) has issued a consultation paper entitled Financial Reporting for Heritage in the Public Sector . IPSASB sits under the auspices of IFAC and develops international accounting standards for the public sector. The paper discusses financial reporting for heritage items, in particular: Identification of heritage items; Whether heritage items are...

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...

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.

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...

'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...

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...

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...

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...

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...

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...

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...

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...

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

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

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?...

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...

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...

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...

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...

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 ...

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.

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...