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Accounting standards
It has become axiomatic that companies should learn lessons from failure, and for individuals failure can also build resilience, growth, and even humility.
The board opened a consultation on the proposed amendments, which include enhanced requirements for going concern disclosures.
The board seeks input on plans to develop a new standard in lieu of IPSAS 1 to enhance how financial information is presented in the public sector.
The board proposed minor amendments to definitions and classifications in IPSAS standards to reflect relevant updates in the private sector.
The proposed amendments cover the board’s initial priorities for enhancement to support applicability and interoperability.
The public-sector board is seeking stakeholder comment on its proposal to integrate accounting and statistical systems.
IFRS 18 adoption provides an opportunity to modernise systems, streamline processes, and better align internal decision-making and external reporting.
The new accounting standard will replace IAS 1 from January 2027 and is aimed at more consistent reporting that's better aligned with how businesses are run.
CIMA welcomed the new standards, which are intended to improve accountability and transparency in sustainability-related financial reporting.
The UK regulator’s updates aim to maintain alignment with IFRS requirements.
The FRC’s guidance incorporates changes to legislative and regulatory requirements, including the recent revision of the UK Corporate Governance Code.
IPSASB’s standard is intended to strengthen decision-making by addressing the disclosure guidance gap for governments and public sector companies.
The UK’s FRC said that 291 signatories representing £57.3 trillion in assets under management had signed up to the 2020 version of the code.
The revisions aim to minimise disruption by providing reliefs and clarifications for companies applying the standard.
FM’s editor-in-chief details articles in the December digital edition, including one that examines hard and soft trends and their impact on accounting and finance professionals. Listen to the podcast episode or read the Q&A.
The new model aims to enhance how financial institutions manage interest-rate risk.
The update includes changes to the FRC taxonomy suite, charities taxonomy, and Irish taxonomy.
The standard is intended to improve voluntary reporting for UK assurance providers and align with international requirements.
The FRC’s guidance aims to support organisations’ reporting and approach to the updated UK Stewardship Code 2026.
The IASB’s amendments are intended to reduce disclosure requirements for standards and amendments issued between February 2021 and May 2024.
