(c) Hong Kong Institute of Certified Public Accountants. Contact HKICPA for permission to reproduce this article., Financial Reporting

Fashioning global standards

Hong Kong’s policy of convergence with International Financial Reporting Standards brings with it a few misconceptions. Nicky Burridge finds out more about the significant role the Institute plays in helping to shape financial reporting standards and preparing stakeholders for their implementation. International Financial Reporting Standard (IFRS) 17 Insurance Contracts introduces significant changes to accounting for… Read More Fashioning global standards

Financial Reporting

The missing risk

Local standard setters have backed the G20’s push to include climate-related risks to current and future earnings in financial statements – and it will be audited. By Susan Muldowney and Lachlan Colquhoun It appears the time has come for major companies – and their auditors – to get serious about assessing and disclosing climate-related financial… Read More The missing risk

(c) Institute of Chartered Accountants of Scotland. Contact ICAS for permission to reproduce this article., Financial Reporting

Mandatory reporting of cross-border arrangements

By Susan Cattell Susan Cattell explains why tax advisers and accountants should consider whether they will need to report certain cross border arrangements, as the UK implements the EU Directive (DAC 6) on mandatory reporting. Background The Panama Papers gave increased impetus internationally to measures to improve tax transparency. The UK government consulted on UK proposals… Read More Mandatory reporting of cross-border arrangements

(c) Institute of Chartered Accountants of Scotland. Contact ICAS for permission to reproduce this article., Financial Reporting

UK accounting regulator to be replaced

By Anne Adrain The Business Secretary Greg Clark has announced that a new enhanced regulator will be established to transform the audit and accounting sector in response to the comprehensive Independent Review led by Sir John Kingman. As per the Review’s recommendations, the Financial Reporting Council (FRC) will be replaced with a new regulator called… Read More UK accounting regulator to be replaced

(c) Institute of Chartered Accountants of Scotland. Contact ICAS for permission to reproduce this article., Corporate Governance, Financial Reporting

Restoring trust and relevance in corporate reporting

By Amy Hutchinson A look at how ICAS is shaping the debate on corporate reporting. ICAS has highlighted the importance of considering the corporate governance and corporate reporting environment in the ongoing UK audit quality debate. We cannot look at audit in isolation – it is one part of a wider system of assurance which is… Read More Restoring trust and relevance in corporate reporting

(c) South Africa Institute of Chartered Accountants. Contact SAICA for permission to reproduce this article., Financial Reporting

Proposed deferral of IFRS 17

By Esther Pieterse and Gerdus Dixon This is not the time to take the foot off the pedal… The International Accounting Standards Board (IASB) at its meeting on 14 November 2018 tentatively decided to propose that: The mandatory effective date of IFRS 17, Insurance Contracts (IFRS 17), be deferred by one year, to 2022, and The fixed… Read More Proposed deferral of IFRS 17