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 […]
The CCAB has issued a revised Statement of Recommended Practice – Accounting by Limited Liability Partnerships (LLPs SORP) and their Press Release states that the LLP SORP has been updated for: “Changes to the definitions included in the SORP relating to divisions of profit with further consequential amendments throughout the SORP to ensure consistency of […]
The Money Laundering and Terrorist Financing (Amendment) (No. 3) (High-Risk Countries) Regulations 2021 (SI 2021 / 1268) has been laid before Parliament, and this amends the “Money Laundering Regulations 2017” (SI 2017 / 692) (MLRs) by substituting the list of high-risk third countries in respect of which extra customer due diligence measures must be taken […]
We are pleased to announce that our Corporate Working Papers template has been updated for periods commencing 1 January 2021 onwards in preparation for the 2021 reporting season. Key changes in the update include: Changes for periods commencing 1 January 2021 onwards relating amendments in Company Law as a result of Brexit and in particular […]