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Financial Reporting

The Future of Financial Reporting in the UK and Republic of Ireland

The ASB has published three Financial Reporting Exposure Drafts (FREDs) setting out revised proposals for the future of financial reporting in the UK and Republic of Ireland:

Jan 31, 2012

The Sharman Inquiry – Going Concern and Liquidity Risks: Lessons for Companies and Auditors

Introduction from Lord Sharman

When the Financial Reporting Council asked me to lead this Inquiry in early 2011, the recent credit crisis and subsequent recessionary environment had led to much discussion about the quality of information that companies provide on their financial health and ability to withstand stresses in the short to medium‐term. Going concern and liquidity risks continued to be critical reporting and audit issues and the aim of the Inquiry was:

Nov 15, 2011

Consultation on the future role of the Financial Reporting Council Published

A consultation proposing the refocusing and streamlining of the Financial Reporting Council (FRC) is being launched by the Department for Business, Innovation and Skills (BIS) and the FRC today.

Nov 1, 2011

APB issues Bulletin for auditors providing assurance to the FSA in relation to client assets held by regulated firms

The Auditing Practices Board (APB) of the FRC today publishes Bulletin 2011/2 “Providing assurance on Client Assets to the Financial Services Authority”.

Arising from the financial crisis, the FSA identified a number of failings of regulated firms that held client assets and also raised questions about the quality of Client Asset reports submitted to them by auditors.

Oct 18, 2011

The Financial Reporting Review Panel's Annual Report

The Financial Reporting Review Panel today published its annual report based on findings from the Panel’s review of reports and accounts in the year to 31 March 2011 in which:

Oct 4, 2011

FRC Acts to Increase Transparency in Corporate Reporting

Companies should improve the way they report to investors on the key strategic risks facing their businesses, according to two new reports published today by the Financial Reporting Council (FRC).

Sep 6, 2011

XBRL - The Paperless Future of business Reporting

XBRL is a standardised “computer readable” language designed to enhance the electronic communication and analysis of business information. It is an international standard that has been adopted by many Government regulators, agencies and companies around the world, including the SEC in the United States, Companies House and HMRC in the United Kingdom and the Revenue in Ireland. These organisations are currently, or in the near future, requiring financial information, normally submitted manually or through proprietary electronic methods, to be submitted using XBRL.

Sep 6, 2011

True and Fair Requirement Remains of Fundamental Importance in Both UK GAAP and IFRS

Section 393 of the Companies Act 2006 requires that the directors of a company must not approve accounts unless they are satisfied they give a true and fair view. The true and fair requirement has been fundamental to accounting in the UK for many years. It is a requirement of both UK and EU law.

Aug 23, 2011

ASB redeliberates its proposals on ‘The Future of Financial Reporting in the UK & Republic of Ireland’

Following consultation, the ASB is rethinking its proposals on the future of UK GAAP. Project Director Michelle Sansom explains the current direction of travel on this project.

Aug 9, 2011

IASB warns of weakening ties with FASB

The International Accounting Standards Board has warned it will stop engaging in new joint projects with its US counterpart if the US Securities and Exchange Commission does not endorse its IFRS standards.

Aug 9, 2011

Importance of true and fair view in both UK GAAP and IFRS

The purpose of this document is to confirm that the true and fair requirement remains of fundamental importance in both UK GAAP and IFRS.

Section 393 of the Companies Act 2006 requires that the directors of a company must not approve accounts unless they are satisfied they give a true and fair view. The true and fair requirement has been fundamental to accounting in the UK for many years. It is a requirement of both UK and EU law

Jul 26, 2011

The challenges in the reporting of principal risks and uncertainties facing business

The Financial Reporting Review Panel of the FRC is concerned about how companies are reporting the principal risks and uncertainties facing their business.

Jul 11, 2011

Financial Reporting Council publishes its Annual Report for 2010/11

The Financial Reporting Council (FRC), the UK's independent regulator responsible for promoting high quality corporate governance and reporting to foster investment, today publishes its Annual Report for 2010/11.

Jul 11, 2011

ASB draws attention to New/Revised International Accounting Standards

The International Accounting Standards Board (ASB) has over the last two months published a number of new and revised International Financial Reporting Standards on consolidated accounts, fair values and pensions. The standards are required to be applied for years beginning on or after 1 January 2013 but are still subject to EU endorsement.

Jun 28, 2011

Pension Schemes: Upcoming Accounting and Funding Changes

The combination of the changes proposed domestically by the NPFIG (National Pensions Framework Implementation Group) and internationally by the expected publication of a revised standard by the IASB (International Accounting Standards Board) will result in wide ranging changes for defined benefit pension scheme funding and accounting. Investment Strategy published by the NEST (National Employment Savings Trust) in the UK, which is expected to become the largest pension fund in the world, is likely to influence defined contribution schemes’ investment strategy in Ireland, as well as the UK. In the following article, Joanne Roche (Pensions Advisory, KPMG) outlines the expected changes for both Defined Benefit and Defined Contribution schemes.

May 31, 2011

ASB publishes Report on Cutting Clutter from Annual Reports

The Accounting Standards Board (ASB) of the FRC has today published a report – Cutting Clutter: Combating clutter in annual reports. Clutter in annual reports is a problem, obscuring relevant information and making it harder for users to find the salient points about the performance of the business and its prospects for long-term success.

Apr 19, 2011

Charities Called to Account - publication of a draft new accounting standard for charities

ACCA (Association of Chartered Certified Accountants) has welcomed the publication of a draft new accounting standard for charities. How to account for volunteer labour, how to account for buildings and property in a charity and how to deal with gifts and grants have all been set out in the new standard; guidance that was not available heretofore and for which a myriad of different accounting practices had developed. The new standard will bring certainty and transparency to the sector.

Apr 5, 2011

FSA and FRC publish Feedback on the Role of Auditors

The Financial Services Authority (FSA) and Financial Reporting Council (FRC) have today published a feedback statement summarising the responses to the joint discussion paper on enhancing the auditor’s contribution to prudential regulation.

Mar 22, 2011

International Accounting Rules for Groups

IFRS 3(revised) is a further step in the process of converging International and US standards. The revision results in significant changes in accounting for groups. It applies to accounting periods beginning on or after 1 July 2009. Importantly retrospective application to earlier business combinations is not permitted. Accordingly, the changes first effected acquisitions in reporting periods in 2010.

Mar 8, 2011

APB issues a revision of ISA (UK and Ireland) 700 'The Auditor's Report on Financial Statements'

The Auditing Practices Board (APB) of the FRC today issues revisions of: ISA (UK and Ireland) 700 “The Auditor’s Report on Financial Statements”; and Bulletin 2010/2 “Compendium of Illustrative Auditor’s Reports on United Kingdom Private Sector Financial Statements for periods ended on or after 15 December 2010”.

Mar 8, 2011

It is time to bring audit closer to investor needs

Action should be taken to close the expectations gap between what audit does and what users expect from financial statements, says Stephen Haddrill, chief executive of the Financial Reporting Council, in a speech to the European Commission conference on auditing in Brussels.

Feb 22, 2011

IASB Issues Revisions to IFRS 9 For Financial Liability Accounting

On 28 October 2010, the IASB published a revised version of IFRS 9 Financial Instruments. The revised Standard retains the requirements for classification and measurement of financial assets that were published in November 2009 but adds guidance on the classification and measurement of financial liabilities. As part of its restructuring of IFRS 9, the IASB also copied the guidance on derecognition of financial instruments and related implementation guidance from IAS 39 Financial Instruments: Recognition and Measurement to IFRS 9.

Nov 23, 2010

Accounting Standards Board (‘ASB’) publishes its proposals for the future of financial reporting in Ireland

The Accounting Standards Board (‘ASB’) has published its proposals for the future of financial reporting in the UK and Republic of Ireland. In the material published, the ASB has set out proposals for a three-tier reporting framework, which aims to balance the needs of preparers and users of accounts

Nov 9, 2010

Download attachment(s): [ 3_Key_Facts2010_web_optimised_1_.pdf ]

Further changes to hit the Investment Business World

In his recent speech to the Outsource Services Group Conference, Bernard Sheridan the Assistant Director General for Consumer Protection in the Central Bank of Ireland announced that there have been developments with reorganising the functions of authorising and regulation of the Investment Business arena, and it seems that things have gone full circle with the single unitary organisation being the Central Bank of Ireland, which once again has the responsibility for the supervision of investment business firms, and the stability of the financial system.

Oct 12, 2010

Trustees Appoint Hans Hoogervorst to Succeed Sir David Tweedie

The Trustees of the IFRS Foundation, the oversight body of the International Accounting Standards Board (IASB), today announced the appointment of Hans Hoogervorst as chairman and Ian Mackintosh as vice-chairman of the IASB.

Oct 12, 2010

The IFRS for SMEs – Getting ready for the transition

In July 2009 the International Accounting Standards Board (IASB) decided to publish one of the most important documents in the history of financial reporting – the IFRS for SMEs – which is likely to have an impact on every financial accountant in Ireland.

Sep 14, 2010

Killing them softly; Regulating Finance

International regulators are making progress on tackling too-big-to-fail banks. Talk is cheap when it comes to solving the problem of too-big-to-fail banks. From the luxury of even today’s stuttering economic recovery it is easy to vow that next time lenders’ losses will be pushed onto their creditors, not onto taxpayers.

Sep 14, 2010

Overhaul of Lease Accounting

Aug 31, 2010

ACCA Launch Free Accounting Planning Tool for Irish Business

Private Irish companies are set to discard UK accounting rules and adopt International accounting rules – so called IFRS for SME. Planning for the change is essential if companies are to continue to have access to credit and to minimise a corporation tax bill.

Aug 17, 2010

Tweedie Warns US to Adopt Standards or Lose Influence

Aug 17, 2010

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