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FRC shares better practice corporate reporting examples
To help companies improve the quality of their corporate reporting, the UK’s Financial Reporting Council (FRC) has published a series of thematic reports covering: judgements and estimates, pension disclosures; and alternative performance..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
New offices for the IFRS Foundation next year
The IFRS Foundation will move its headquarters during the summer of 2018.
Seeing this headline, one could be forgiven for thinking that Brexit had already caused the IFRS Foundation to relocate away from the UK. After all, when the tender for..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
EFRAG comments on proposed amendments to IAS 16
Back in June 2017, the IASB issued the Exposure Draft ED/2017/4 Property, Plant and Equipment – Proceeds before Intended Use (Proposed amendments to IAS 16). EFRAG has now published its comment letter in response.
IAS 16 establishes..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
Integrated reporting gains support in Turkey
The Istanbul stock exchange has just advocated that listed Turkish companies should produce integrated reports.
According to the IIRC’s latest newsletter, the IIRC and Borsa Istanbul have signed a memorandum of understanding to work..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
Dynamic Risk Management
Two proposed approaches for an accounting model that better reflects dynamic risk management in financial reporting were also discussed at the November 2017 Board meeting.
Following on from its discussion in September 2017, the Board..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
Wider corporate reporting: moving with the times
After an update on developments in the wider corporate reporting space, the Board has agreed to update the MCPS.
Unless you’ve been hiding under a proverbial rock, the theme of wider corporate reporting has been hard to ignore this year...
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
Top five questions on IFRS 17
Nick Anderson, Member, International Accounting Standards Board, explains initial investor reactions to the new accounting standard for insurance contracts, IFRS 17.
Six months ago, the International Accounting Standards Board (Board)..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
Proposed taxonomy update
Following on from the annual improvements cycle, a Proposed IFRS Taxonomy Update has been issued by the IFRS Foundation to reflect changes to the IFRS Taxonomy 2017.
Annual improvements are changes to the IFRS Taxonomy other than those..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
Moving financial reporting forward by going back-to-basics
With a new CFO, Jamie S. Miller, at the helm, General Electric (GE) is making a concerted effort to improve its financial reporting. Here’s how she plans to make the company’s reporting easier for investors to understand, and ultimately..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
2017: A year in review
As the New Year approaches, it is worth taking the time to reflect on everything that has happened throughout the last twelve months – and to consider how improvements can be made going forward. In this roundtable, World Accounting Report..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
Standard-setting: improvements to IFRS 8
Following on from work done during the Post Implementation Review, the Board met to discuss a summary of comments on the Exposure Draft Improvements to IFRS 8 Operating Segments.
IFRS 8 Operating Segments was issued back in 2006 and sets out..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
Integrated reporting: joining the value dots
Businesses the world over are grappling with new realities, and corporate reporting is adapting to translate the complexity of modern business transactions into a language investors and other stakeholders can understand and act upon, explains..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
Leasing standard simplification on the horizon
The Financial Accounting Standards Board (FASB) has decided to reduce costs and ease the implementation burden of the new leases standard for preparers.
The FASB issued its new lease accounting standard back in February 2016 with the aim of..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
Industry shake-up looms under significant proposals to audit standard-setting
A proposal for wholesale change to the governance and operational structure of international auditing and ethics standard setting has certainly grabbed the attention of accounting professionals the world over, CPA Australia explains.
The..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
Primary Financial Statements: moving the needle
November’s Board meeting saw the IASB return to its discussion on the PFS project, with a focus on the presentation of an investing category in the statement(s) of financial performance, together with the definition of finance income/expenses,..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
ASU: codification improvements to Topic 995
The guidance contained in Topic 995, US Steamship Entities, is no longer relevant – so the FASB has issued an ASU.
The amendments in this ASU supersede obsolete guidance in Topic 995 on unrecognised deferred taxes related to certain..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
Amended strategic report guidance delayed
The FRC will delay publication of its amended guidance on the strategic report until after UK government has announced legislative changes regarding reporting on section 172 of the Companies Act.
Back in August 2017, the FRC proposed..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
Editorial
Believe it or not, it is now six months since IFRS 17 Insurance Contracts was issued. Yes, the second half of 2017, rather like the first, has gone in the blink of an eye. The year 2018 is now just around the corner and a smattering of new..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018
Revisions to international standards on auditing in the UK
After a consultation with HM Treasury, HM Revenue and Customs and the National Crime Agency, the UK’s FRC is shaking up the laws and regulations relating to audits in Britain.
In early December 2017, the FRC issued a revision of ISA (UK)..
Online Published Date:
31 January 2018
Appeared in issue:
20.10 - 01 January 2018