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Financial reporting news and insights

Highlights of the latest guidance published by the Financial Reporting Faculty as well as news and insights on current developments in financial reporting.

Financial Reporting Faculty highlights

War in Ukraine: the corporate reporting implications

14-03-2022

As the situation between Russia and Ukraine continues to develop and sanctions are imposed on Russia and Belarus, companies preparing reports and accounts need to consider how this affects their business and the consequences for their financial and non-financial reporting.

FRS 102 Overview

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02-03-2022

This factsheet provides a high-level summary of FRS 102 and includes practical tips and guidance on some common pitfalls. It has been updated for Brexit and recent amendments and includes a new section on climate-related matters.

2021 UK GAAP Accounts

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30-06-2021

This factsheet highlights new and modified requirements for preparers of UK GAAP accounts for accounting periods beginning on or after 1 January 2021.

Brexit: Implications of changes to company law on corporate reporting

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14-06-2021

The end of the transition period brought into effect changes in company law that have an impact on the preparation of the annual report and accounts. This guide outlines some of the practical implications.

Renegotiating loan contracts under FRS 102

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08-06-2021

This guide outlines the accounting requirements under FRS 102 when loan contract terms are renegotiated together with illustrative examples.

IFRS 16 Leases - Updated

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12-07-2016

This factsheet provides an overview of IFRS 16 together with practical tips and examples. It has been updated for recent amendments.

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Latest news and insights

CIPFA/LASAAC support further deferral of IFRS 16

CIPFA/LASAAC do not intend to bring forward proposals to pause operational property valuation in local authority financial statements but recommend further deferral of the implementation of IFRS 16 until 2024/25.

UKEB seeks views on two major proposals

The UK Endorsement Board is seeking input on two proposals changing disclosure requirements on Supplier Finance Arrangements and non-current liabilities with covenants.

Sustainability to be at the heart of corporate reporting in the transition to net zero

Themed on sustainability reporting, the Financial Reporting Faculty’s January edition of its highly acclaimed magazine 'By All Accounts' features a practical guide on implementing TCFD recommendations, accounting for climate under FRS 102 and risk reporting. Normally exclusive to faculty members, a digital version of this special edition is accessible to all ICAEW members and members of ICAEW’s Sustainability and Climate Change Community.

Shaping European reporting standards

EFRAG has been given a mandate to expand its remit into developing a European sustainability reporting standard. Board President Jean Paul Gauzès talks through progress so far.

Non-financial reporting: preparing for take-off

If the volume of non-financial reporting by companies is set to grow significantly, what does the profession need to do to prepare itself? We speak to Naomi Rigby, ESG Assurance Director at PwC.

Non-financial information: let good decision-making begin

The transformation of our economies to allow for prosperity and fairness within what nature can support requires a wholesale rethink of our economic and business models, writes Richard Spencer, ICAEW’s Director of Sustainability.

Carbon reporting: one year on

The requirement for large companies to report on their carbon and energy use (under the streamlined energy and carbon reporting or SECR requirements) has been in place since 2019.

Ensuring the Section 172 statement is actually used

While the Section 172 statement is almost three years old, a lot of work remains to ensure it provides decision-useful information for stakeholders and guarantee its original aim of enhancing trust is met.

Sustainability reporting: why should SMEs care?

The penny is finally dropping that environmental and social reporting is becoming the responsibility of all practitioners and companies, says Johan Barros, EU Policy Manager at Accountancy Europe.

COP26: The story so far

Week one of the Glasgow climate conference concluded in a blizzard of new commitments and frameworks. ICAEW Insights presents a roundup of five key announcements and what they could mean for the business and accountancy community.

10 years of FRC Lab: future focus on ESG and technology

The Financial Reporting Lab is celebrating its 10th birthday. We speak to Lab Director Phil Fitz-Gerald about its finest achievements and probe its future work, particularly on environmental, social and governance reporting and technology.

Accountants confident they can hit climate targets

More than 50% of chartered accountants feel their organisation is equipped to meet the government’s target of net zero carbon emissions by 2050, with two-thirds feeling their organisation had been implementing TCFD actions, a new ICAEW survey has found.

Sustainability: what is credible leadership?

Accounting for Sustainability was established by the Prince of Wales to transform finance and embed sustainability in business. For its Executive Chairman, leadership means taking action but also taking others with you.

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