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Proposed new IFRS Standard for regulatory assets and liabilities
Paul Merris

09 June 2021

The International Accounting Standards Board (IASB) is proposing a new accounting standard to replace IFRS 14 Regulatory Deferral Accounts. This new standard would require companies subject to rate regulation, to give investors better information about their financial performance.

Amendments to IAS 12 - Clarification of accounting for deferred tax on transactions
Paul Merris

25 May 2021

The IASB has published Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) that clarify how entities account for deferred tax on transactions such as leases and decommissioning obligations.

Extension of coronavirus rent concessions amendment in IFRS and UK GAAP
Helen Jones

25 May 2021

The IASB has extended the application period, to 30 June 2022 of the practical expedient in IFRS 16 to help lessees accounting for Covid-19-related rent concessions, with the FRC consulting on following suit in FRS 102 and FRS 105.

IAS 1 amended to prevent boiler plating of accounting policies
Paul Merris

18 May 2021

The International Accounting Standards Board (IASB) amendments to IAS 1 ‘Presentation of Financial Statements’ aim to make the accounting policies published in annual financial statements more useful and relevant.

Bridging the GAAP | May 2021
Lee Marshall

14 May 2021

In our May 2021 edition of Bridging the GAAP we take a look at upcoming changes for FRS102, the FRC's advice on preparing for 2020/21 annual reports and impact of Brexit on accounting.

Brexit – amendments to UK GAAP
Paul Merris

24 March 2021

Following Brexit, the FRC has made updates to UK and Republic of Ireland accounting standards. We have summarised the amendments to FRS 101, FRS 102, FRS 105 and FRS 100, to showcase the impact of the updates.

Potential change to IFRS 16 in sale and leaseback transactions
Paul Merris

12 March 2021

The International Accounting Standards Board (IASB) is proposing an amendment to IFRS 16 for sale and leaseback transactions. We have examined how this will affect reporting.

IASB consults on changes to IFRS 3 for mergers and acquisitions within a group
Paul Merris

12 March 2021

The International Accounting Standards Board (IASB) is consulting on a new requirement to be applied when dealing with mergers and acquisitions within the same group. We look at what this might mean for companies reporting under IFRS.

Interest Rate Benchmark Reform – changes to accounting standards
Paul Merris

12 March 2021

The IASB has issued amendments to IFRS standards following the current interest rate benchmark, LIBOR, being replaced by the Reformed Sterling Overnight Index Average (SONIA) in the UK. To help you understand what this means, we have outlined the key changes.

The end of LIBOR: this important rate is being replaced, here’s how to prepare
Andy Ka

10 December 2020

LIBOR is ending on 31 December 2021. Businesses need to prepare and understand the new universal rates. Here’s how to get ready for the end of LIBOR.

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