Blog Article

Weekly Catch-Up 17th September

Wednesday 25 September 2019

How does IFRS 16 affect retailers?

So far a handful of fashion retailers have detailed their costs to date with regards IFRS 16. The impact of IFRS 16 should be neutral in the long term but it may not always seem that way when companies account for the new measure in their reporting.

While individual retailers try to come to terms with costs associated of implementing IFRS 16, it could accelerate the shift towards more flexible property leasing.

Read more

UK: The CEO of FRC was paid almost 3 times as such as the prime minister

Stephen Haddrill, chief executive of the Fiancial Reporting Council (FRC) earned well over £400k in the same year his organisation was made redundant. The FRC was abolished after a former civil servant found widespread conflicts of interest.

Read more

United States: Starbucks to add to its disclosures to clarify impact of new accounting standards

Starbucks were recently questioned by the Securities and Exchange Commission (SEC) about its accounting practices. As a result, Starbucks will provide more disclosures about how it recognises revenue.

The Wall Street Journal has reported that at least 208 companies have received letters from the SEC about their revenue-recognition practices in 2018.

Read more

UK: Plans are in place to ensure the charity accounting framework better serves the public

The Statement of Recommended Practice (SORP) has been developed to better meet the needs of those who use charity reports and accounts.

A new process of developing the SORP is intended to be in place from 2020. It will be ensured that a SORP is technically correct for true and fair accounting.

Read more

FASB proposes to erase complex debt classification rules

Under new plans by the Financial Accounting Standards Board (FASB) debts due within 12 months of a business’ balance sheet date, would be classified as current. Some businesses feel that this could make them more indebted than they are.

Read more

About the Author

Related Articles

IFRIC Agenda Decisions and why they matter

Join Matt Tilling on this informative and free 90-minute virtual session running on Wednesday 9th Se...

Read More >

Demystifying IFRS 9 Financial Instruments in the COVID-19 World

IASeminars instructor Saket Modi discusses IFRS 9 Financial Instruments in the Covid-19 world

Read More >

The World Upside Down: The Impact of COVID-19 on IFRS Financial Statements

We have seen the adverse consequence of global lockdown on many industries including travel, transpo...

Read More >

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 >

Stay Updated with IASeminars

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