IPSASB launches public consultation on arrangements conveying rights over assets
Financial Reporting | 28 March 2024
The International Public Sector Accounting Standards Board (IPSASB) has released for public comment an Exposure Draft, Arrangements Conveying Rights over Assets, which aims to provide new guidance to enhance accountability and decision-making in the public sector in relation to arrangements that convey rights over assets. The deadline for comments is 31 May 2024.
FRC signs mutual recognition agreement with Australian audit authority
Audit and Assurance | 28 March 2024
In a move to improve the quality of the UK audit market, The Financial Reporting Council (FRC) has entered into a Memorandum of Understanding with Australian Securities and Investment Commission (ASIC) making it easier for auditors to work between both countries.
IASB launches consultation on supplementary proposals to update the IFRS for SMEs Accounting Standard
Financial Reporting | 28 March 2024
The International Accounting Standards Board (IASB) is seeking public comment on an Addendum supplementing the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard, published in September 2022. The deadline for comments is 31 July 2024.
FRC revises UK and Ireland financial reporting standards
Financial Reporting | 27 March 2024
The Financial Reporting Council (FRC) has issued amendments to financial reporting standards applicable in the UK and Republic of Ireland, affecting around 3.4 million businesses. The most significant changes aim to align lease and revenue recognition accounting with recent changes to international financial reporting standards.
IFAC publishes updated IPSAS Implementation Guidance
Financial Reporting | 26 March 2024
The International Federation of Accountants (IFAC) has released a package of training guidance for use by trainers to teach others about the International Public Sector Accounting Standards (IPSAS) and how to apply them.
FRC publishes plan and budget for 2024-25
Financial Reporting & Audit and Assurance | 25 March 2024
The Financial Reporting Council (FRC) has published its Plan and Budget for 2024-25 in which it prioritises public interest outcomes and UK economic growth. With no new statutory powers expected this year, the FRC will not proceed with the previously planned 16% increase in headcount.
FRC launches market study on UK sustainability assurance market
Audit and Assurance | 21 March 2024
The Financial Reporting Council (FRC) has announced the launch of a market study exploring, among other things, choice, quality, and competition in the sustainability assurance market. The study is the first of its kind by the FRC.
IESBA releases summary of PIE audit prohibitions in the Code
Ethics | 18 March 2024
The International Ethics Standards Board for Accountants (IESBA) has issued a high-level summary of prohibitions relating to public interest entity (PIE) audits in the International Code of Ethics for Professional Accountants (the Code).
IASB launches consultation on proposals to improve reporting of acquisitions
Financial Reporting | 14 March 2024
The International Accounting Standards Board (IASB) is seeking public comment on an Exposure Draft aimed at enhancing the information companies provide to investors about acquisitions. The proposals would amend IFRS 3 Business Combinations and IAS 36 Impairment of Assets. The deadline for comments is 15 July 2024.
FRC issues UK Stewardship Code 2020 roundtable invitations
Financial Reporting | 14 March 2024
The Financial Reporting Council (FRC) has organised a series of roundtable events taking place in March, April and May 2024 with a view to understanding the efficacy of the UK Stewardship Code 2020. Those who wish to should register their interest in attending via email.
FRC updates Corporate Governance Code Guidance
Financial Reporting | 6 March 2024
The Financial Reporting Council (FRC) has updated guidance accompanying the revised UK Corporate Governance Code published earlier this year. Aimed at improving the user experience, this live document contains up-to-date links to relevant publications.