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Audit quality
The Financial Reporting Council (FRC) has published reports setting out the key findings of its audit inspections, with the conclusion that the audit quality of the Big Four has declined. Since high-quality audit is a corner-stone of investor..
Online Published Date:
31 July 2018
Appeared in issue:
21.06 - 31 July 2018
FASB issues two Accounting Standards Updates
The recent joint meeting between the FASB and the IASB is covered below. The two Boards discussed their larger projects, but meanwhile both have ongoing work to simplify or clarify existing requirements. In this context, FASB has issued two new..
Online Published Date:
31 July 2018
Appeared in issue:
21.06 - 31 July 2018
Insurance update
This article summarises the technical discussions on IFRS 17, Insurance Contracts, at the second meeting of the IASB’s Transition Resource Group (TRG).
The IFRS 17 TRG is supporting the implementation of the standard by providing a public..
Online Published Date:
31 July 2018
Appeared in issue:
21.06 - 31 July 2018
Editorial
Although a great deal of attention is being paid in the news to Brexit, this is not the only thing going on in the UK at the moment, and this month’s issue of World Accounting Report includes coverage of developments at the Financial Reporting..
Online Published Date:
31 July 2018
Appeared in issue:
21.06 - 31 July 2018
Friends reunited
The FASB and IASB recently came together in London for an educational meeting in which they updated each other on their work and shared their thoughts on the challenges they are facing. The agenda for the day comprised topics of mutual interest..
Online Published Date:
31 July 2018
Appeared in issue:
21.06 - 31 July 2018
Dynamic Risk Management
The Board discussed the derivative financial instruments that could be covered by the Dynamic Risk Management (DRM) model. It agreed to permit the use of interest rate swaps (including basis and forward starting swaps) and forward rate..
Online Published Date:
31 July 2018
Appeared in issue:
21.06 - 31 July 2018
Disclosure Initiative
Staff began by presenting some work that they had done to follow up to the Principles of Disclosure discussion paper (DP), where the Board had received feedback that there was some overlap or lack of clarity about the different Better Communication..
Online Published Date:
31 July 2018
Appeared in issue:
21.06 - 31 July 2018
Business Combinations under Common Control and other matters
The IASB directed the staff to develop an approach based on the acquisition method set out in IFRS 3, Business Combinations, and to consider whether and how that method should be modified to provide the most useful information for Business..
Online Published Date:
31 July 2018
Appeared in issue:
21.06 - 31 July 2018
Primary Financial Statements
The Board has made a number of tentative decisions on the project to date for non-financial companies and, at this meeting, it began to consider the extent to which these decisions could be applied to “financial” companies. No decisions..
Online Published Date:
31 July 2018
Appeared in issue:
21.06 - 31 July 2018
FRC announces sanctions and further investigations
The FRC continues to be in the news for a number of reasons. It has announced record fines as a result of its investigation into PwC for its audit of British Home Stores (BHS), fines relating to the audit of Quindell plc and the outcome of its..
Online Published Date:
31 July 2018
Appeared in issue:
21.06 - 31 July 2018
Financial Instruments
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Online Published Date:
31 July 2018
Appeared in issue:
21.06 - 31 July 2018
Changes in the Board
Melanie Hind (previously McLaren) joined the FRC as Executive Director, Codes and Standards in 2012. In April 2016 she became Executive Director, Audit and Actuarial Regulation as a result of an internal re-organisation. In a press notice issued on..
Online Published Date:
31 July 2018
Appeared in issue:
21.06 - 31 July 2018