Concept paper on weighted voting rights

ACCA response to Concept paper on weighted voting rights - a consultation issued by the Hong Kong Stock Exchange

Accounting standards for small entities

Comments from ACCA to the Financial Reporting Council (FRC).

FRED 55: Amendments to FRS102, pension obligations

Comments from ACCA to the Financial Reporting Council.

Automatic Exchange of Information for Tax Purpose HK

Automatic Exchange of Information for Tax Purpose (AEOI). Consultation issued by the Financial Services and the Treasury Bureau, Hong Kong

UK implementation of the EU accounting directive, chapters 1–9

Comments from ACCA to BIS.

New SORPs for LLPs and Charities

The LLP SORP 2010 and the Charities SORP 2005 have been updated for the changes to UK GAAP brought about by FRS 102 and FRSSE 2015.

The dawn of the new UK GAAP – requirements and options

The era of the new UK GAAP begins on 1 January 2015 and for many will change again from 1 January 2016. Reporting entities have to choose which of the reporting standards that they are allowed to adopt is best suited to their circumstances.

THE DAWN OF THE NEW UK GAAP – REQUIREMENTS AND OPTIONS

Find out what you need to know about the transition to the new UK GAAP here.

ACCA response to HKSE consultation Disclosure of Financial Information

Review of Listing Rules on Disclosure of Financial Information with reference to the new Companies Ordinance and Hong Kong Financial Reporting Standards and proposed Minor / Housekeeping Rule Amendments. Consultation issued by the Hong Kong Stock Exchange

Implementation of the EU Accounting Directive – your views count

ACCA seeks your views on two aspects surrounding the implementation of the EU Accounting Directive.

FRS 101: guidance

1st January 2015 is now only a few weeks away, and after all the months and months of talking about it, UK GAAP will finally change.

Experts - errors in accounts

In a recent case, the opinion of an expert accountant was overturned because the opinion was based on past accounting errors.

Corporate Governance Code

The new Code has been published and applies to accounting periods beginning on or after 1 October 2014 for all companies with a premium listing of equity shares regardless of whether they are incorporated in the UK or elsewhere.

ACCA welcomes proposed new accounting rules for pensions

Statement of Recommended Practice will bring clarity, but lobbying of DWP is important in achieving this.

Simplifying and streamlining statutory annual report and accounts

Comments from ACCA to HM Treasury.

Solicitors Account Rule Changes – an update

In the main the SRA will continue to require accountants reports to be prepared but will ONLY require Solicitors to submit qualified accountants reports with them.

Maintaining momentum

While South Africa has blazed a trail on integrated reporting, there is still much work to be done.

Taking stock of sustainability

Africa’s stock exchanges have a vital role to play in helping listed companies get to grips with reporting on environmental, social and governance issues.

Public sector: other entities reporting

The International Public Sector Accounting Standards Board (IPSASB) have issued for comment a consultation called The Applicability of IPSASs to Government Business Enterprises and Other Public Sector Entities. They have asked for comments by 31 December.

New UK GAAP: All change - Consultation

Your view is needed as changes being proposed may increase costs and create confusion for your business and also your providers of finance.

FRS 102: Pensions

FRED 55 proposes amendments to accounting for pension obligations under FRS102 and is open for comment until 21 November 2014.

Whole of government accounts: who is using them?

The first stage of a two-part study exploring whether transparency is currently being achieved and whether essential user information needs are being met.

Academy reporting under SORP 2015

Academy reporting under SORP 2015.

Reporting for societies

The Co-operative and Community Benefit Societies Act 2014 replaces the 1965, 1967, 1975, 1978 and 2002 Industrial and Provident Societies Acts; the Friendly and Industrial and Provident Societies Act 1968; the Co-operatives and Community Benefit Societies Act 2003; and the Co operative and Community Benefit Societies and Credit Unions Act 2010.

Review of the Environmental Social and Governance Reporting Guide HK

Consultation Paper on Review of the Environmental, Social, and Governance Reporting Guide Issued by the Hong Kong Stock Exchange

Accounting for dynamic risk management: a portfolio revaluation approach to macro-hedging

Comments from ACCA to the International Accounting Standards Board (IASB).

Pension schemes: an update on the proposed revisions to the UK SORP

In this video, ACCA’s Paul Cooper and KPMG’s Kevin Clark explain the proposed revisions to the UK SORP for pension schemes issued for consultation in 2014.

Revenue from contracts with customers: the new international standard

In this video, ACCA’s Richard Martin and Paul Cooper discuss IFRS 15, issued in May 2014. This Standard updates the international accounting requirements for a wide range of revenue-generating activity.

Investment entities: applying the consolidation exception, proposed amendments to IFRS 10 and IAS 28

Comments from ACCA to the International Accounting Standards Board.

Should accounts be trying to predict the future?

In this paper ACCA’s Global Forum for Corporate Reporting examines the past and future perspectives of financial reporting.

Prudence and IFRS

This paper summarises the debate about whether International Financial Reporting Standards, as the key global standards, should include prudence and state its importance in their conceptual framework.

IFRS 15, revenue from contracts with customers: a major project is completed

This paper describes the development of the project to update the financial reporting of revenue from contracts with customers, which has now resulted in the issue of a new International Financial Reporting Standard (IFRS), and the views that ACCA has expressed during the various stages of this project.

Proposed changes to the international standards on auditing (ISAs) addressing disclosures in the audit of financial statements

Comments from ACCA to the International Auditing and Assurance Standards Board.

Telling the story clearly

Paul Cooper explains how the IASB’s disclosure project is seeking to ‘declutter’ annual financial statements so that their messages come across clearly.

Joint effort

Paul Cooper looks at the background to the joint IASB/FASB project on revenue recognition, culminating – after several years of development – in IFRS 15.

Technical Factsheet 190 Carbon accounts for small businesses-interim guidance

The factsheet concentrates on a simple form of carbon accounting that is suited to entities with turnovers up to, say, £7 million; this includes companies of all types, charities, partnerships and sole traders. The factsheet provides guidance on advising small businesses about setting up and operating carbon accounting, and on the associated tax advantages.

Revised IASB exposure draft: leases

Comments from ACCA (submitted via the FRC) 22 August 2014

IFRS 9: Financial Instruments

IFRS 9: Financial Instruments will come into effect on 1 January 2018, with early application permitted.

New UK GAAP changes to financial instruments and hedge accounting

The FRC has issued amendments to new UK GAAP to improve the accounting for certain financial transactions.

LLP SORP

The LLP SORP applies for periods beginning on or after 1 January 2015.

Charities SORP

It is decision time for many charities given the choice between adopting the SORP based on FRS 102 or the SORP based on the FRSSE.

The effect of the recent EU accounting directive on UK GAAP

ACCA’s Richard Martin looks at how the EU accounting directive and new UK GAAP will interact and investigates the effect the two might have on the future of the FRSSE.

New UK GAAP and charities

The Charity Commission’s Nigel Davies introduces the new framework for charity accounting and reporting.

Tax implications of the new UK GAAP

The transition to UK GAAP will bring with it some tax changes. Read more here.

New UK GAAP: deferred tax

Changes could impact on profits and net assets

Disclosure initiative: proposed amendments to IAS 1

Comments from ACCA to the International Accounting Standards Board.

South African institutional investors’ perceptions of integrated reporting

This report outlines the reactions of the South African institutional investment community to the production of integrated reports by South African listed companies.

New Charities SORP

The new charity SORP based on the FRSSE and FRS 102 have now been issued. You can access them here.

The conference of The World Bank Centre for Financial Reporting Reform

Paul Cooper reports on the conference, which covered two programmes that support accounting, auditing, and institutional progression in a number of countries in Eastern Europe and the former Soviet Union.

Accountancy and actuarial disciplinary schemes

Comments from ACCA to the Financial Reporting Council.

Financial reports of pension schemes

Comments from ACCA to the Pensions Research Accountants Group (PRAG).

Stock exchanges in sub-Saharan Africa: capturing intent towards ESG requirements

This report explores the level and extent of sustainability activities of 10 stock exchanges across sub-Saharan Africa.

Technical Factsheet 189: Intangible Fixed Assets

The purpose of this factsheet is to provide guidance on the accounting and disclosure of accounting for intangible assets within statutory financial statements. This factsheet will consider the provisions within the Companies Act 2006 and the accounting and disclosure requirements within the related accounting regulations, FRS 10 Goodwill and Intangible Assets, FRS 11 Impairment of Fixed Assets and Goodwill, SSAP 13 Accounting for Research and Development, Financial Reporting Standard for Smaller Entities 2008 (FRSSE 2008), FRSSE 2015 and Financial Reporting Standard 102 (FRS 102) The Financial Reporting Standard Applicable in the UK and Republic of Ireland.

Technical Factsheet 187: Going concern

The purpose of this factsheet is to provide guidance on going concern within statutory financial statements. This factsheet will consider the provisions within the Companies Act 2006 and the accounting and disclosure requirements within the related accounting regulations, FRS 18 Accounting policies, Financial Reporting Standard for Smaller Entities 2008 (FRSSE2008), FRSSE 2015 and Financial Reporting Standard 102 (FRS 102) The Financial Reporting Standard Applicable in the UK and Republic of Ireland.

Reporting for academies

Academies Accounts Direction 2013 to 2014 is a reference pack for academy trusts to use when preparing their annual reports and financial statements for accounting periods ending on 31 August 2014. It also supports auditors with their audit of the financial statements.

Reporting for colleges

Guidance on financial management from the Skills Funding agency.

Revenue recognition

The International Accounting Standards Board has issued IFRS 15 Revenue from Contracts with Customers.

Depreciation and amortisation

The International Accounting Standards Board has issued amendments to IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets.

True and Fair statement published by FRC

The Financial Reporting Council (FRC) has published a statement to confirm that the requirement to present a true and fair view remains of fundamental importance in IFRS and UK GAAP, including the new UK standards FRS 100 -103.

The Financial Reporting Supply Chain in Asia

Article by Brian Blood on the inaugural Financial Reporting for Economic Development Forum staged by the Confederation of Asian and Pacific Accountants (CAPA).

Revised operating procedures for reviewing corporate reporting

Comments from ACCA to the Financial Reporting Council.

Macro Hedging

IASB issues discussion paper on macro-hedging.

Lease accounting: an update on the international proposed amendments

This paper describes the development of the IASB/FASB project on lease accounting launched in 2009, its current proposals, and ACCA’s views on these.

Business and investors: providers and users of natural capital disclosure

Joint report by ACCA, Fauna & Flora International and KPMG calling for robust reporting and commitments to reduce impacts on natural capital.

Post-implementation review: IFRS 3 business combinations

Comments from ACCA to the International Accounting Standards Board.

IFRS for SMEs

On this video Richard Martin and Paul Cooper discuss the changes which are being proposed by the IASB and ACCA’s views on those proposals.

Not-for-profits – the Cinderella of the accounting world

The Charity Commission's Nigel Davies argues that not-for-profits deserve to be seen as more than ‘Cinderella’ figures.

Presentation of financial statements

The IASB has issued for comment ED/2014/1 Disclosure Initiative: Proposed amendments to IAS 1 Presentation of Financial Statements. It is open for comment until 23 July.

IFRS 11 Joint arrangements

The IASB has issued new guidance on how to treat an acquisition of an interest in a joint operation that constitutes a business.

Micro-entities

The FRC has issued an amended version of the FRSSE for use by micro-entities.

Worldwide application of IFRS 3, IAS 38 and IAS 36, related disclosures, and determinants of non-compliance

ACCA research report 134, by I. Tsalavoutas, P. André and D. Dionysiou.

New UK GAAP - Presentation in Financial Statements

A look at how financial statements should appear under FRS 102

Intangible assets

FRC have published a research paper that highlights investor views on intangible assets and amortisation.

FRS 103: Insurance Contracts

The standard applies to entities applying FRS 102 that have insurance contracts with accounting periods beginning on or after 1 January 2015

Draft amendments to FRS 101, reduced disclosure framework (2013/14)

Comments from ACCA to Financial Reporting Council

Amendments to fair value accounting

Amendments to fair value accounting

Changes to UK GAAP

Watch our video on changes to UK GAAP.

Annual improvements to IFRS: 2012-14 cycle

Comments from ACCA the International Accounting Standards Board.

Accountants and strategic leadership

This paper looks at the future of corporate reporting, following the introduction of the Integrated Reporting Framework from the IIRC.

Proposed amendments to the international financial reporting standard for small and medium-sized entities

Comments from ACCA to the International Accounting Standards Board (IASB)

Technical factsheet 185: Stock and work in progress

The purpose of this factsheet is to provide guidance on the accounting and disclosure of stock and work in progress within statutory financial statements. This factsheet will consider the provisions within the Companies Act 2006 and the accounting and disclosure requirements within the related accounting regulations, SSAP 9 Stocks and long-term contracts, Financial Reporting Standard for Smaller Entities 2008 (FRSSE 2008), FRSSE 2015 and Financial Reporting Standard 102 (FRS 102) The Financial Reporting Standard Applicable in the UK and Republic of Ireland. We will also consider the contents of UITF 40 Revenue recognition and service contracts.

Amendments to FRS102: Hedge accounting (FRED51)

Comments from ACCA to the Financial Reporting Council

Accounting by registered social housing providers

Comments from ACCA to the National Housing Federation.

Understanding investors: the changing corporate perspective

The last in a four-part series examining what investors want from corporate reporting and how organisations are responding to their needs. It examines current trends in reporting and the audit relationship from the perspective of the CFO, with a particular emphasis on real-time and integrated reporting.

Draft amendments to the FRSSE: Micro entities (FRED52)

Comments from ACCA to the Financial Reporting Council

Creating value through governance – towards a new accountability: a consultation

This consultation paper forms part of ACCA’s investigation into whether existing governance and risk management frameworks are ‘fit for purpose’. The consultation period closed 31 August 2014.

Consultation on IFRS 3: Business Combinations

The IASB has issued a request for information on IFRS 3 Business Combinations.

IFRS 14 Regulatory Deferral Accounts

The International Accounting Standards Board (IASB) has issued IFRS 14 Regulatory Deferral Accounts as an interim Standard while it considers how the issues will be resolved over a longer term.

Equity method in separate financial statements: proposed amendments to IAS27

Comments from ACCA to the International Accounting Standards Board (IASB).

Integrated Reporting: International Framework

The Integrated Reporting (IR) framework has been published. Integrated Reporting is voluntary and continues to be adopted by businesses around the world.

UK Charities: Strategic Report

The Charity Commission and the Office of the Scottish Charity Regulator (OSCR) have issued guidance

FRC Staff Education Notes

The FRC has provided helpful information on FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland

Micro-Entity Accounts

Simplified accounting is available for small companies, but is not suitable or available for all...

FRS 101

FRED 53: Draft Amendments to FRS 101 Reduced Disclosure Framework (2013/14) sets out proposed amendments to FRS 101

Guide to Review Engagements

IFAC have issued a Guide to Review Engagements, which coincides with the coming into effect of the updated standard ISRE 2400 (Revised).

Assurance Engagements

International Standard on Assurance Engagements (ISAE) 3000 has been revised.

Public Sector Reporting

The International Public Sector Accounting Standards Board (IPSASB) has published a Handbook of International Public Sector Accounting Pronouncements.

The new strategic report

The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 apply to financial years ending on or after 30 September 2013

A review of the conceptual framework for financial reporting

Comments from ACCA to the International Accounting Standards Board.

Investments in debt instruments

Comments from ACCA to the International Accounting Standards Board , January 2009