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

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

The next chapter for integrated reporting

The International Integrated Reporting Council on why integrated reporting is a highly effective tool for both big and small businesses. In the past, financial balance sheets and profit statements represented over 80 percent of the value of a business. Unsurprisingly, all the attention was on financial capital; where it came from, what happened to that… Read More The next chapter for integrated reporting