Blog Article

Wednesday 13 February 2019

UK Flag it up campaign to drive out money laundering

A new campaign by the UK government called Flag it up, is being used to promote best practice in anti-money laundering compliance. The national Strategic Assessment of Serious and Organised Crime 2018 by the National Crime Agency suggests that the impact of money laundering to the UK could be in the hundreds of billions of pounds. Under the 2017 Money Laundering Regulations you are legally obliged to submit a Suspicious Activity Report if you suspect that money laundering could be taking place.

Read more

The impact of IFRS 15 on the construction industry

The goal of IFRS 15 is to “establish the principles that companies shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer.”

In the construction industry variable consideration is relevant to unapproved claims and variations. The standard permits revenue recognition to the extent that it is ‘highly probable’ that a significant reversal will not occur when the uncertainty is subsequently resolved. This is a higher bar than previously set in IAS 11, which only required it to be ‘probable’ to be accepted or approved by the customer and that negotiations around claims have reached an advanced stage. 

Read more

IFRS 17 – amendments to ‘insurance contracts’

By the end of the first half of 2019 the IASB expect to publish a draft of proposed amendments to IFRS 17. As long as the timetable is kept to, it is expected that any proposed amendments would be finalised to allow for mandatory application for reporting periods beginning on or after 1 January 2022.

Read more

Nigeria: Central Bank of Nigeria extends time to implement IFRS 9

The Central Bank of Nigeria is giving financial institutions in Nigeria extended time to implement IFRS 9. Banks now have four years to make changes to impairments arising from the implementation of IFRS 9 last year. This will help to ease fears that an immediate transition will have repercussions for banks’ capital adequacy ratios.

According to banking analyst at FBNQuest, Tunde Abidoye, “This is a good development for the banks as it gives them more time to either raise capital or build up more capital from retained earnings over the four-year period.”

Read more

About the Author

Related Articles

Weekly Catch-Up 20th November

A ruling requiring President Trump’s lifelong accountancy firm to turn over his accounts has been t...

Read More >

IBOR Reform – Accounting Implications

Interest rate benchmarks (such as LIBOR, EURIBOR and TIBOR) play a key role in global financial mark...

Read More >

Weekly Catch-Up 13th November

A proposal by the board at the FASB has called for certain sections of the hedge accounting standard...

Read More >

Weekly Catch-Up 7th November

A report has been published by the private sector working group on euro risk free rates with recomme...

Read More >

Weekly Catch-Up 24th October

A newly implemented accounting standard has caused Google India’s revenue to drop by 56% in the yea...

Read More >

Weekly Catch-Up 11th October

The Financial Reporting Council’s new Chairman has accelerated plans to create a new regulator in o...

Read More >

Stay Updated with IASeminars

Join 20,000+ other professionals on our global mailing list.