Accounting & Finance

The temporary reduced rating explained

From 15 July 2020 until 12 January 2021 certain supplies of hospitality, accommodation and admission to attractions will be subject to VAT at 5%. This measure was announced during the Chancellor’s Summer Statement on 8 July, and is intended to support businesses affected by the enforced closures and social distancing measures necessitated by the COVID-19

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Offering clients and colleagues clarity during Covid-19

Communication is key to achieving strong client and colleague relationships (as well as often determining how long a client relationship may last!). With the ever changing Covid landscape and a forced fast-tracked approach to remote working, communication has become vital. We share simple tips to ensure lines of communication are always open with your clients

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Effective leadership through COVID-19 and beyond

The COVID-19 pandemic has accelerated one of the most disruptive periods of change throughout leadership and business. Whilst the pandemic has created many challenges, it has also provided many opportunities, and this new sense of normality has required effective and agile leadership. We share some key guidelines on how to develop your leadership skills to

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How has Coronavirus forced the shift in how we absorb training?

What is Quorum Live? Just days after the announcement of social distancing restrictions, we launched the Quorum Live programme. Just a few months ago Quorum Live didn’t exist, we now have almost 100 virtual classrooms planned, with many delegates expected until the end of September. We are proud to offer your training in a new

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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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