In what some may see as an early Christmas present (!), on 15 December the FRC published FRED 82 “Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs – Periodic Review“. A number of changes to FRS 102 are proposed, the most significant of […]
The UK government has announced an extension of the definition of small business for regulatory purposes, from less than 50 employees to those with less than (up to) 500 employees. This threshold change applies from Monday 3 October to all new regulations under development, and to those under current and future review. The government intends […]
Further to the publication of the Economic Crime and Transparency Bill, HM Government have published a number of factsheets, covering areas such as identity verification, company accounts and limited partnerships. Regarding company accounts, the proposals are summarised as: “Making filing obligations for micro-entities and small companies clearer; Requiring small companies to file a profit and […]
The FRC has published its thematic review of judgements and estimates. This is an area of weakness frquently identified in file reviews performed by HAT and covered in our Quarterly Updates. The FRC Press Release states: “Companies are required to disclose their more complex accounting judgements, as well as the most significant sources of estimation […]
SI 2022 / 850, Regulation 13 sets out the anticipated prohibition on UK entities (including their overseas branches) from providing accounting services to Russian clients. In particular, a person must not directly or indirectly provide, to a person connected with Russia: Accounting services; Business and management consulting services; or Public relations services. Accounting services are […]
Companies House have recently posted two updates regarding the progress of the Register of Overseas Entities. These posts are further to three Statutory Instruments being laid as the secondary legislation to provide the practical measures needed for the Economic Crime Act to come into force. Some of the headline points noted include: the Register is […]
The Consultative Committee of Accountancy Bodies (CCAB) has published an updated version of its Anti-Money Laundering Guidance for the Accountancy Sector, together with the Tax Appendix and the Insolvency Appendix, following the Treasury’s approval of all three documents. The guidance was initially issued in September 2020 to reflect amendments made to the UK Money Laundering […]
ICAEW is currently consulting on an amendment to the CPD requirements which apply to its members. It is proposed that these amendments apply from 1 November 2022 and the proposed enhancements to current CPD requirements are: An annual mandatory ethics CPD requirement for all members; The introduction of risk-based CPD requirements based on the risk […]
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 […]
