Technical issues trending now – July 2022
ServicesAudit & assuranceCorporate reportingTechnical updates - 2022
Technical issues trending now – July 2022
Our summary of the accounting, financial and narrative reporting technical issues trending now will ensure you keep up-to-date with the most significant issues that may affect your business.
In this edition
Regulatory Developments
- BEIS White Paper – Government’s response to the consultation Restoring trust in audit and corporate governance: Update on the original proposals and what does this mean for corporate reporting?
Developments from the Financial Reporting Council
- FRS 101 amendment – FRC publishes amendment clarifying that there are no changes to FRS 101 for this 2021/22 annual review cycle
- FRC publication – FRC publishes thematic review discussing common compliance issues and best practice reporting surrounding determining discount rates within impairment reviews and provisions
- FRS 100 exposure draft – FRC publishes proposals to provide guidance on assessing what may be deemed ‘equivalent’ when assessing application of the consolidation exemption and reduced disclosure frameworks under FRS 101 and FRS 102
Narrative and Front-end Reporting Developments
- Sustainability reporting – ISSB publishes its first two exposure drafts on sustainability reporting: General Requirements for Disclosure of Sustainability-Related Financial Information and Climate-related Disclosures
- Non-financial and Sustainability Information Statement – Widening the requirements for three categories of entities with more than 500 employees: public interest entities, AIM-listed companies and ‘high turnover’ companies and LLPs
Mind the GAAP Blog: Latest articles
- BEIS White Paper – Government’s response to the consultation: Restoring trust in audit and corporate governance – Update on the original proposals and what this means for corporate reporting? (part 2)
- Climate-Related Financial Disclosures for 2021 and beyond - Where are we nowIFRS change – Understanding the accounting for configuration or customisation costs in a Software as a Service (SaaS) arrangement
- IFRS change – Understanding the accounting for configuration or customisation costs in a Software as a Service (SaaS) arrangement
- Hot Topic publication: FRC Annual Review Key Highlights Checklist 2020/21
- The EU ‘Green’ Taxonomy for sustainable activities
- Climate reporting – Mandatory legislation published for the UK’s largest listed (including AIM) companies, banks, insurers and private companies aligned with TCFD
