Latest publications

Issue 10/2008 ASB statement on 'Half-yearly financial reports
The statement updates and replaces the ASB’s 1997 statement ‘Interim reports’. The ASB has made the minimum number of changes necessary to make the statement consistent with the DTR as well as all major aspects of IAS 34, and to ensure it does not give rise to conflicting guidance. More >>

Issue 11/2008 Improvements to IFRS 2008
The International Accounting Standards Board (IASB) has issued a set of changes to existing standards following an Exposure Draft ‘Improvements to International Financial Reporting Standards (IFRS)’ issued in October 2007. This is the first in what is expected to be an annual process for dealing efficiently with a collection of miscellaneous but necessary minor amendments to standards. More >>

To explore the archive, click on the links below:

2006

If you would like to learn how else we can help you, please contact your local BDO Stoy Hayward adviser.
















2008

Issue 2/2008 FRRP clarifies transfers into or out of investment property under IAS 40
The Financial Reporting Review Panel has concluded that transfers into, or out of, investment properties under IAS 40 can only be made when there is evidence of a change in use. More >>

Issue 3/2008 FRRP publishes 2007 Activity Report
The Financial Reporting Review Panel has published its activity report for the period from 1 April 2006 to 31 March 2007. The report describes findings from the FRRP’s review of accounts published under both UK GAAP and IFRS. More >>

Issue 4/2008 FRRP announces priority sectors for 2008/09
The Financial Reporting Review Panel announces its priority sectors for its review of published financial statements during 2008/2009. More >>

Issue 5/2008 The IASB publishes Amendment to IFRS 2 'Share-based Payment' - Vesting Conditions and Cancellation
This clarifies how to account for situations where the failure to meet a 'non-vesting' condition has caused a share-based payment to be cancelled. Under this amendment cancellation by employees will result in an immediate charge to profit and loss for the remainder of the IFRS 2 expense. This will be of particular significance for companies operating Save As You Earn schemes. More >>

Issue 6/2008 The Walker Report
The Walker Report sets out guidelines for the disclosure of information by large private equity funds. FRB Issue 8 2008 summarise the main proposals of the Report and also highlights those areas that will be relevant to smaller private equity funds. More >>

Issue 7/2008 Companies Act 2006 - Commencement Order 5
The 2006 Companies Act is being brought in to force in stages. FRB Issue 7 2008 concentrates on those sections of the Act that are being introduced by Commencement Order 5. Most of these changes are effective from 6 April 2008. The changes cover annual reports, audit, auditors, distributions and financial assistance. More >>

Issue 8/2008 Remainders for December 2007 year-ends
FRB Issue 6 2008 summarises the new standards that will be applicable to companies producing financial statements for years ending on or after 31 December 2008. It also looks forward to new standards that are in issue but which will not become effective until a future date. More >>

Issue 9/2008 ASB publishes Amendment to FRS 20 'Share-based Payment' - Vesting Conditions and Cancellation
This amendment is based on the equivalent amendment to IFRS 2 Share-based Payment issued recently by the International Accounting Standards Board. This amendment to FRS 20 clarifies how to account for situations where the failure to meet a 'non-vesting' condition has caused a share-based payment to be cancelled. Under this amendment cancellation by employees will result in an immediate charge to profit and loss for the remainder of the FRS 20 expense. This will be of particular significance for companies operating Save As You Earn schemes. More >>

Issue 10/2008 ASB statement on 'Half-yearly financial reports
The statement updates and replaces the ASB’s 1997 statement ‘Interim reports’. The ASB has made the minimum number of changes necessary to make the statement consistent with the DTR as well as all major aspects of IAS 34, and to ensure it does not give rise to conflicting guidance. More >>

Issue 11/2008 Improvements to IFRS 2008
The International Accounting Standards Board (IASB) has issued a set of changes to existing standards following an Exposure Draft ‘Improvements to International Financial Reporting Standards (IFRS)’ issued in October 2007. This is the first in what is expected to be an annual process for dealing efficiently with a collection of miscellaneous but necessary minor amendments to standards. More >>





































2007

Companies Act 2006 - commencement order number 3 and update on implementation timetable
The Third and Fourth Commencement Orders to the Companies Act 2006 have been published. This paper summarises the key points and includes an update on the implementation timetable. More >>

The FRRP publishes its approach to the review and investigation of directors’ reports
The FRRP has been authorised to review and investigate directors’ reports for periods commencing on or after 1 April 2006. The paper lists the factors that the FRRP will take into account when investigating business reviews. More >>

ICAEW TECH 02/07 Distributable Profits: Implications of recent accounting changes
This provides guidance on the implications of transition to IFRS and converged UK standards for the determination of realised profits and losses. More >>

Repurchase/redemption of shares that have been classified as liabilities (in all or in part) under FRS 25
These instruments are legally shares and so they should be redeemed or repurchased out of distributable profits. More >>

Disclosure of accounting estimates and judgements
An entity which prepares its financial statements in accordance with IFRS is required to include disclosures of both significant judgments and key assumptions concerning the future (estimation uncertainty). This FRB provides a reminder of the requirements and provides examples of the disclosures made by a number of companies. More >>

Changes to corporation tax rates following the 2007 Budget Announcement
Following the budget announcement on 21 March 2007 the headline corporation tax rate in the UK is to be lowered from 30% to 28% from April 2008. Uncertainty may therefore arise in the near future as to what tax rates should be applied in the calculation of current taxation and deferred taxation both in terms of accounting under UK GAAP and IFRS. More >>

Amendments to FRS 3 'Reporting financial performance'
The Accounting Standards Board has issued a revision to FRS 3 which addresses a number of conflicts between FRS 3 and other standards. More >>

Additional directors report disclosures for companies with securities trading on a regulated market
As a result of the implementation of the EU Takeover Directive in UK legislation additional directors’ report disclosures are required of companies that have securities trading on a regulated market. More >>

Companies Act 2006 – implementation timetable
The Companies Act 2006 received royal assent in November 2006, and some of its provisions became effective in January and April 2007. However most of the Act will be brought into force in stages; the key dates are 1 October 2007, 6 April 2008 and 1 October 2008. Set out in this article are some of the changes that will be introduced in the 2006 Act which affect all companies. More >>

Amendments to Aim rules regarding publications on a website
The London Stock Exchange issued AIM Notice 27 on 20th February 2007 confirming changes to the AIM rules with immediate effect. The changes include a revised rule 26 setting out the information to be contained on the company website. All applicants and AIM companies will have until 20 August 2007 to comply with rule 26. More >>

Waste Electrical and Electronic Equipment Regulations take effect
The UK Regulations implementing the Waste Electrical and Electronic Equipment (WEEE) Directive were laid before Parliament in December 2006 and came in to force on 2 January 2007. UITF 45 sets out the accounting requirements arising from this directive. More >>

Addition of a shell parent company to an existing group
Questions have arisen as to the appropriate form of accounting that should be followed for transactions that involve placing a new shell holding company on top of an existing group through a share for share exchange. More >>

Tech 06/06 Disclosure of Audit Remuneration
ICAEW Technical Release 06/06 (TECH 06/06) covers the Companies (Disclosure of Auditor Remuneration) Regulations 2005 (SI 2005/2417) ('the Regulations'). These regulations replace previous statutory disclosure requirements for auditors’ remuneration and for non-audit work. The disclosure requirements apply to all entities that are required to comply with the Companies Act 1985. More >>

Proposed amendments to FRS 3 'Reporting Financial Performance'
Following the introduction into UK GAAP of FRS 23 ‘The effect of changes in foreign exchange rates’ and FRS 26 ‘Financial instruments: recognition and measurement’, a number of conflicts with the existing FRS 3 ‘Reporting financial performance’ have been identified. The Accounting Standards Board has now issued a revision to FRS 3, click here for the revision. More >>

Transparency Directive – Disclosure and Transparency Rules
The new Disclosure and Transparency Rules (DTR) apply to periods beginning on or after 20 January 2007. They require two interim management statements (IMS) to be issued in addition to the half-yearly report and the annual financial statements, and reduce the deadlines for producing the half-yearly report and annual report. More >>

UITF Abstract 44 – FRS 20 (IFRS 2) Group and Treasury Share Transactions
UITF 44 provides guidance on applying FRS 20 to share-based payment transactions where employees of a subsidiary are granted rights to equity instruments of its parent. More >>

ASB publishes Review of Narrative Reporting
The Accounting Standards Board (ASB) has recently published its first review of narrative reporting by UK listed companies. The purpose of the review is to highlight strengths and weaknesses of current narrative reporting, in the interests of widespread adoption of best practice. More >>

Revision to AIM Rules in respect of significant shareholdings and the Disclosure and Transparency Rules
The London Stock Exchange (LSE) has issued a Notice updating the AIM rules for the effect of the Vote Holder and Issuer Notification rules of the Disclosure and Transparency Rules (DTR) on AIM companies. More >>

FRRP priority sectors for 2007/2008
The Financial Reporting Review Panel (FRRP) has announced that its monitoring activity in 2007/08 will focus on the following sectors: Travel and leisure, Retail, Utility, Telecommunications and Media. More >>

FRRP preliminary report on IFRS
The Financial Reporting Review Panel (FRRP) has published a report on its preliminary findings in respect of IFRS implementation by UK listed companies in their annual reports. The companies selected for review were drawn from the FTSE 350 and smaller listed companies. More >>

Companies Act 2006 – Commencement Order 1
The first commencement order (SI 2006/3428) to the Companies Act 2006 and associated Regulations 'The Companies (Registrar, Languages and Trading Disclosures) Regulations (SI 2006/3429)' together with a briefing note have been issued. The main effects are outlined in this article. More >>













2006

Companies Act 2006
Some of the changes introduced by the Companies Act 2006 will take effect almost immediately. More >>

Reminders for December 2006 year-ends
A number of new accounting standards and interpretations become effective for the first time for 31 December 2006 year-ends. More >>

Proposed amendments to Aim rules – Publication on a website
The London Stock Exchange has proposed changes to the AIM rules to require each AIM company to maintain a website on which key company information must be disclosed and kept up to date. The London Stock Exchange issued AIM Notice 27 on 20 February 2007 confirming changes to the AIM rules with immediate effect - click here for the amendments. More >>

Amendments to FRS 17 Retirement Benefits
The ASB have amended FRS 17 ‘Retirement Benefits’ to align more closely with IAS 19. More >>

Revised Combined Code incorporated into the Listing Rules
The Financial Reporting Council (FRC) issued a revised version of the Combined Code in June 2006. The FSA has now amended the Listing Rules and its Handbook Glossary of Definitions to refer to the revised Combined Code. More >>

UITF 43: The interpretation of equivalence for the purposes of section 228A of the Companies Act 1985
Section 228A provides that intermediate parent undertakings whose higher parents are not established under the law of an EEA state can be exempt from preparing consolidated accounts. The exemption is conditional on compliance with various conditions. More >>

Interim reports published by UK groups reporting in accordance with IFRS
Questions have arisen as to whether a UK listed group, which has adopted EU endorsed IFRS in its previous annual financial statements is required to report current year interim financial information in accordance with EU endorsed IAS 34 ‘Interim Financial Reporting’. More >>

Which balance sheet items are financial instruments
Questions have frequently been raised about which assets and liabilities recorded on a company’s balance sheet are financial instruments, and if they are, which of these fall within the scope of IAS 32 and IAS 39. More >>

Business Review
All companies, except those using small companies exemptions are required to include a business review as part of their directors’ report for periods beginning on or after 1 April 2005. More >>

Share Issue Costs
FRS 25 ‘Financial Instruments: Disclosure and Presentation’ (IAS 32) contains guidance about the accounting treatment of transaction costs incurred on the issue of a financial instrument (whether accounted for as a liability or as shares). More >>