Liz Truss, the UK Foreign Secretary, announced on Wednesday 4 May that a ban on on services exports to Russia would come into force. The press release states “The new measures will mean Russia’s businesses can no longer benefit from the UK’s world class accountancy, management consultancy, and PR services, which account for 10% of […]

Our new Quaterly Update has gone live, with a focus on the impact of the tragic events in Ukraine. In the current update we explain what firms should be doing including: Considering the impact of the financial sanctions regime on accountants; Financial reporting issues for clients affected both directly and indirectly by the conflict; The […]

Further to Russia’s invasion of Ukraine and the imposition of sanctions against Russian and Belarusian individuals and entities, firms may be wondering “What should we be doing? How can we ascertain whether our clients are affected?” In response, we have developed a short on-demand webinar, aimed at any member of staff who may be involved […]

The Economic Crime (Anti-Money Laundering) Levy Regulations 2022 (SI 2022 / 269) have been enacted and they make provision for the assessment, payment, collection and recovery of the Economic Crime Levy (“the levy).  They come into force on 1 April 2022. The Explanatory Note highlights that the levy is charged in accordance with Part 3 […]

HAT has received a number of queries regarding accounting treatment where clients hold monetary or non-monetary assets in Ukraine, Russia and Belarus (liabilities should also be considered, although queries to date relate to assets).  At the moment, this generally relates to accounting periods which ended during 2021, although the same position would apply for an […]

The news over the past few days has shown worrying and heart-breaking images from Ukraine. One consideration is how the conflict impacts firms and their clients. Many of us will be lucky enough not to be directly affected. However, the following should be considered: Anti-Money Laundering Considerations and Financial Sanctions The UK Government has reacted […]

Our popular annual quiz is back after a two year break! The quiz is taking place on Thursday 24 March at Ball Brothers, EC3R 7PP and is open to teams of five from any any member firm. The price, which includes a buffet for all particpants is £75 plus VAT (£90) per team. For further […]

The FRC has issued January 2022 editions of UK and Ireland accounting standards and their Press Release states: “These editions reflect the amendments made since the previous editions were issued in 2018, as well as changes in Irish company law, resulting in a single up‑to‑date reference point for each standard. In addition, the FRC has […]

Section 1.21 of the FRC’s Revised Ethical Standard 2019 introduced a requirement for Statutory Auditors in the UK to report, on a biannual basis, breaches of the standard to the Competent Authority and to those charged with governance of an entity relevant to an engagement in a timely manner. What should be reported? Under the […]