Accounting and reporting

UK’s FRC sets out governance reporting recommendations

The Financial Reporting Council addressed reporting on culture, purpose, succession planning, diversity, board evaluation, and more.

IASB seeks views on lease accounting amendment, M&A reporting

The board proposed an amendment to specify sale and leaseback measurement and is consulting on reporting requirements for same-group M&A deals.

SASB and IIRC to merge to simplify corporate, sustainability reporting

The Sustainability Accounting Standards Board (SASB) and International Integrated Reporting Council (IIRC) will form a unified organisation led by current SASB CEO Janine Guillot by mid-2021.

Measuring purpose and value: The Mutual Value Measurement framework

Traditional accounting numbers and metrics fall short in measuring value created for all stakeholders. Here’s a framework that can help organisations better articulate the purpose and value of their activities.

Association sets out 2021 sustainability road map for accountants

Stakeholders worldwide are demanding more transparency and greater attention to environmental, social, and governance matters from organisations.

FRC provides guidance on cash flow and liquidity disclosures

The UK regulator has set out how reporting under IAS 7, Statement of Cash Flows, and IFRS 7, Financial Instruments: Disclosures, can be improved.

FRC sets out investor expectations ahead of reporting season

The Financial Reporting Council highlighted investors’ future reporting expectations during the pandemic and UK’s EU exit periods.

UK issues equivalence decisions and sets out green finance measures

The UK government issued a set of equivalence decisions across several financial services areas for firms from EU and European Economic Area states and set out finance initiatives for greening the economy.

UK regulator sets out 10 areas for corporate reporting improvement

The Financial Reporting Council says the statement of cash flows is the most common source of identified material errors in company reporting.

FRC issues UK and Ireland accounting and reporting standards amendments

The UK’s Financial Reporting Council has set out three sets of amendments — to FRS 101, FRS 102 and FRS 105, and FRS 104.

TCFD reporting playbook for more consistent climate disclosures

The Institute of International Finance and the UN Environment Programme published a how-to guide to help financial institutions produce more uniform and comprehensive disclosures on climate risks.

FRC provides guidance on going concern, risk, viability reporting

UK regulator stresses the value of clear disclosure of actions taken ‘at different stages in the recovery process’.

FRC sets out best practice on AGMs and video in company reporting

The UK’s Financial Reporting Council has recommended boards increase their AGM engagement through a ‘significant increase’ in use of technology.

Regulator gives guidance to investors on the UK Stewardship Code

In its Early Review of Reporting under the Stewardship Code 2020, the FRC provides expectations and guidance to investors.

UK regulator urges improved company reporting on revenue and leases

The FRC has called for clearer and more detailed reporting under IFRS 15 and IFRS 16 ahead of the next financial statements reporting cycle.

New ESG reporting metrics released by World Economic Forum

A set of universal environmental, social, and governance (ESG) measures and disclosures released by the World Economic Forum is designed to help companies report nonfinancial disclosures.

Consistency sought in sustainability, corporate reporting through global effort

IFAC called for the creation of a new sustainability accounting standards board, and five global organizations committed to working together toward unified corporate reporting.

IASB issues standards amendments in response to IBOR reform

The International Accounting Standards Board has issued a final package of standards amendments relating to ongoing reform of interbank offered rates.

Regulators step back from action on current IFRS 16 amendment use

UK companies using the lease accounting standard’s COVID-19 amendment before its likely autumn adoption by the EU will not face regulatory action.

Key IASB proposal needs changes, AICPA committee says

The IASB’s proposal for changing general presentation and disclosure rules should have more structure and guidance, according to the AICPA’s Financial Reporting Executive Committee.

Accounting and reporting

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