The Financial Reporting Council (“FRC”) has issued two new factsheets to support entities applying FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and their Press Release includes: “These factsheets provide entities with additional clarity when applying specific elements of accounting standards. The new factsheets focus on the following areas: […]
HM Treasury has published draft Money Laundering and Terrorist Financing (Amendment and Miscellaneous Provision) Regulations 2025 (“the SI”) alongside a note detailing the policy intention of the SI. The consultation which runs until 30 September 2025 sets out the following as being the key proposed amendments which will impact accountants and auditors: Making customer […]
Introduction The revised FRS 102 Section 20 on lease accounting has introduced significant changes that affect how businesses account for their leases. For small entities using Section 1A of FRS 102, understanding these changes and their practical application is crucial for compliance and accurate financial reporting. Key Changes Under Revised Section 20 The main change […]
The Education and Skills Funding Agency has published the following in respect of the financial statements for academies for the period ending 31 August 2025: Academies Accounts Direction 2024 to 2025: https://bit.ly/3TLmkP9 Model set of accounts for academy trusts 2024 to 2025: http://bit.ly/4l9I5UY Framework and guide for external auditors and reporting accountants of academy trusts […]
Pensions Research Accountants Group (PRAG) is proposing changes to fair value reporting investment risk disclosures and sole investor pooled arrangements. PRAG is also needing to update the SORP as a result of a number of changes to FRS 102 (re September 2024 version) and industry developments which impact on pension scheme financial reporting. The requirements […]
The revised ICAEW audit-regulations-and-guidance-effective-1-june-2025.ashx, para AR 2.02A requires a sole practitioner practice (only 1 RI) must put in place a formal agreement with an “alternate” (to in effect, in the event of the incapacity or death of the sole practitioner, take over their audit clients). These provisions aim to ensure that another practitioner can […]
Prior period adjustments can be a red flag for auditors. They often indicate either historic errors or changes in accounting policies and require thorough scrutiny to ensure proper correction, disclosure, and compliance with FRS 102. Auditing prior period adjustments is essential to ensure the accuracy and reliability of financial statements. Key Considerations: Risk Assessment: Treat […]
Prior Period Adjustments under FRS 102 – What You Need to Know As technical consultants, we have come across several instances during our compliance reviews in 2025 where some firms are not dealing with prior period adjustments in accordance with FRS 102. Additionally, the related audit work often appears to be somewhat superficial. We have […]
I studied BSc Business Administration at the University of Bath. I knew I wanted to continue my education which is why I was interested in studying towards the ACA. The interview process at HAT was straightforward and personal. Apart from interviewing me to see if I was a suitable candidate Anna also ensured to listen […]
