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Spotlight on UK audit developments
Following the collapse of Carillion, the past year has seen audit moving up the political agenda in the UK. The Competition and Markets Authority (CMA) has recently announced a review of the audit market which could have far-reaching consequences..
Online Published Date:
03 December 2018
Appeared in issue:
21.09 - 03 December 2018
IASB meeting
All eyes interested in insurance accounting were turned towards the most recent IASB meeting to learn about the Board’s deliberations on IFRS 17, the insurance contracts standard. I have divided the coverage of this topic into two parts,..
Online Published Date:
03 December 2018
Appeared in issue:
21.09 - 03 December 2018
IFRS 17 issues
In its most recent meeting, the IASB Board received an update from staff about issues identified through the Transition Resource Group (TRG) and other feedback suggesting that the IFRS 17 may need to be amended. The preliminary discussion saw the..
Online Published Date:
03 December 2018
Appeared in issue:
21.09 - 03 December 2018
Financial Instruments with Characteristics of Equity
by Filipe Alves and Vincent Papa
Online Published Date:
03 December 2018
Appeared in issue:
21.09 - 03 December 2018
Technology and accountants
The impact of technological advances on corporate reporting and audit is an ongoing preoccupation for the accounting profession at the moment and FASB has recently posted an interesting “Outlook” article on the topic on its website. The..
Online Published Date:
03 December 2018
Appeared in issue:
21.09 - 03 December 2018
Further news on IFRS 17
While the IASB has been in discussions about whether it may need to change IFRS 17, in Europe there has been an exchange of letters concerning the endorsement process for the standard.
In 2014, following the recommendations that the late..
Online Published Date:
03 December 2018
Appeared in issue:
21.09 - 03 December 2018
Editorial
At the beginning of November, the UK Financial Reporting Council (FRC) issued a short notice[1] announcing the resignation of Stephen Haddrill as chief executive officer. Mr Haddrill said he would step down from the Board late in 2019: the exact..
Online Published Date:
03 December 2018
Appeared in issue:
21.09 - 03 December 2018
EFRAG
There is lots of news relating to EFRAG this month; it has now published its advice to the European Commission on accounting for equity instruments from a long-term perspective; it has published a Discussion Paper (DP) on accounting for..
Online Published Date:
21 December 2018
Appeared in issue:
21.10 - 21 December 2018
IFRS 17, Insurance Contracts
Following the Board’s lengthy discussion last month on how it would go about considering whether to amend IFRS 17, Insurance Contracts, in the light of the issues arising from the implementation work being undertaken by the industry, this..
Online Published Date:
21 December 2018
Appeared in issue:
21.10 - 21 December 2018
Autonomy and long-term investment issues
As widely reported in the press, the US Department of Justice has filed criminal charges against Mike Lynch, the former CEO of Autonomy, a British software company, which was sold to Hewlett-Packard in 2011. The charges include 14 counts of..
Online Published Date:
21 December 2018
Appeared in issue:
21.10 - 21 December 2018
Financial Reporting Council
There has been a lot happening at the FRC in the past month and a brief summary of the key matters of interest, with links to the underlying documents for those who would like to pursue them in more detail, is set out below.
Audit - thematic..
Online Published Date:
21 December 2018
Appeared in issue:
21.10 - 21 December 2018
Editorial
The past month has seen the IASB decide to defer the application date of its new insurance standard, IFRS 17, and as a consequence of that, to amend the existing insurance standard, IFRS 4, to permit certain insurers to further defer their..
Online Published Date:
21 December 2018
Appeared in issue:
21.10 - 21 December 2018
IFRS 9 update
This article takes a close look at what supervisors and others are saying about their expectations from banks applying IFRS 9 Financial Instruments for their 2018 year ends.
As reported last month (WAR, October 2018), ESMA chair Steven..
Online Published Date:
21 December 2018
Appeared in issue:
21.10 - 21 December 2018
Areas of focus for forthcoming enforcement work
ESMA coordinates the European Enforcers’ Coordination Sessions (EECS) which aim to promote consistent reporting under IFRS and other EU reporting requirements. Priorities for enforcement for the forthcoming year are publicly announced so as to..
Online Published Date:
21 December 2018
Appeared in issue:
21.10 - 21 December 2018
Primary Financial Statements
The Board continued its discussions on Primary Financial Statements, considering the role of an Earnings Before Interest, Tax and Depreciation and Amortisation (EBITDA) measure; the potential role of templates and examples in the standard; and..
Online Published Date:
21 December 2018
Appeared in issue:
21.10 - 21 December 2018