Accounting & Finance

IFRS 17 – a new financial reporting model for insurers

The IFRS 17 general accounting model and its objectives IFRS 17 – Insurance Contracts was issued by the International Accounting Standards Board in May 2017; the topic has been on the agenda since 2001. It replaces IFRS 4 and will be effective for accounting periods commencing on or after 1 January 2021. In applying a

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IFRS 16 – Leases

Under IFRS 16 which takes effect in 2019, a lease which gives the lessee the right to use the asset is treated broadly in the same way as in the current finance lease accounting (IAS 17). The leased asset is capitalised on the balance sheet and a lease liability is raised. One of the difficulties

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IFRS Update 2018

This year and next year are busy ones in the field of International Financial Reporting Standards (IFRS). Companies with financial year ends beginning on or after 1 January 2018 will need to have regard to the requirements of IFRS 15 (Revenue). This may have a significant effect on the timing of recognition of revenue for

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Changes to IFRS Standards – Are you ready?

The International Accounting Standards Board has recently issued three significant new Standards, all of which will have major implications for many organisations: IFRS 15: Revenue from contracts with customers. This replaces IAS 18 from 2018 onwards; it introduces a five-step approach to the recognition of revenue, gives guidance on whether revenue should be recognised at

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Finance Bill Fiasco

Another General Election, another Finance Bill forced through Parliament with no scrutiny. This is not the way tax law should be set. Of course, the last time this happened in 2015 the Government was forced to amend numerous elements of the legislation it had forced through because it didn’t work, but clearly, no-one has learned

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Proposals To Simplify FRS 102

On 23 March 2017, the Financial Reporting Council (FRC) issued FRED 67 containing draft amendments to FRS 102 and other new UK GAAP standards.  In this blog post, we consider some of the main proposals. FRED 67 Draft Amendments To FRS 102 There is much to like in these proposals, although you may receive news

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Evolution Of Technology In Finance – Infographic

Accounting is in the midst of digital disruption. With the advent of Internet, mobile devices and all things digital, technology has witnessed a big evolution when it comes to accounting. We have come a long way since the abacus was first used in 16th century for basic, everyday calculations. Accounting software has changed the way

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IFRS Update incorporating the New Leasing Standard Course

Early in 2016, the IASB published the long awaited IFRS16 on lease accounting. For listed companies and others using preparing IFRS financial statements, IFRS16 becomes compulsory in 2019. The key change is that most leases will be accounted for as an asset and a lease liability, although there will be exceptions for leases of less

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Ensuring your business is safe

Why do companies only think about corporate governance, anti-money laundering and fraud and corruption AFTER a problem has happened? Surely with all the recent scandals such as Tesco, Volkswagen, FIFA, the Panama Papers and now British Home Stores (BHS), companies would want to review their own processes to make sure that they were not vulnerable

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Apprentices and employer National Insurance

From 6 April 2016, if you employ an apprentice you may not need to pay employer Class 1 national insurance contributions (NICs) on their earnings up to £827 a week (£43,000 per annum). To be eligible for this relief the apprentice should be under 25 years old and be following an approved UK government statutory apprenticeship

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