CIMA sent its policy proposals to Chancellor of the Exchequer Rachel Reeves ahead of the UK government’s Autumn Budget scheduled to be issued on 30 October. According to a news release, CIMA would like more government focus on areas such as economic growth and productivity.
“The upcoming Autumn Budget must provide businesses with the stability and certainty they need to plan effectively and invest confidently,” Andrew Harding, FCMA, CGMA, chief executive–Management Accounting at AICPA & CIMA, together as the Association of International Certified Professional Accountants, said in a news release. “By prioritising stability and certainty in taxation, enhancing productivity, and fostering talent development, the UK government can create a more predictable and supportive landscape to sustain economic growth and a globally competitive economy, laying the groundwork for long-term prosperity.”
According to the release, some of CIMA’s core proposals for the upcoming budget include:
- Reducing uncertainty in policy and taxation for businesses.
- Establishing a stable, predictable research-and-development tax relief scheme that provides consistent incentives for businesses.
- Creating a productivity commission by introducing a UK-wide productivity strategy and creating skills and productivity clusters across the country.
- Prioritising policies that support small and medium-size entities.
- Exploring how accounting and finance professionals can be instrumental in supporting the public sector’s productivity agenda.
IPSASB issues final lease pronouncements
The International Public Sector Accounting Standards Board (IPSASB) issued final amendments to International Public Sector Accounting Standard (IPSAS) 43, Leases, and IPSAS 47, Revenue, with an effective date of 1 January 2027, a news release said.
New guidance from IPSASB’s publication Concessionary Leases and Other Arrangements Conveying Rights Over Assets (Amendments to IPSAS 43, IPSAS 47, and IPSAS 48) addresses public sector issues specific to concessionary leases.
The publication reflects constituent feedback and also explores “other arrangements [such as] conveying rights over assets that are not leases that are prevalent in the public sector”, the release said.
FRC publishes 2025 taxonomy
The UK Financial Reporting Council (FRC) published its 2025 taxonomy suite, a news release said. It incorporates changes across all FRC taxonomies — UK IFRS, FRS 101, FRS 102, UKSEF, Charities, and Irish extensions.
The suite also contains taxonomy documentation, supporting documents, key information sheets, and release notes, the release said. Though the public consultation has now closed, it is possible to share feedback through the regulator’s comment tool Yeti and by email to XBRL@frc.org.uk.
Some key changes to the taxonomy suite include updates to enable UK Endorsement Board–endorsed Supplier Finance Arrangements (Amendments to IAS 7, IFRS 7, and IAS 21) and Financial Reporting Standards (FRED 82 and FRED 84).
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.