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Weekly Catch-Up 7th November

Friday 8 November 2019

Working group issue recommendations to address accounting impact of euro risk free rates transition

A report has been published by the private sector working group on euro risk free rates with recommendations, from an accounting perspective, on the transition to new risk free rates. As the most widely used frameworks within Europe, the report focuses on the implications for International Financial Reporting Standards (IFRS) and the International Accounting Standards (IAS)

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FRC to voluntarily publish poor audit results

The UK accounting watchdog, The Financial Reporting Council, are planning to publish its grades for audit inspections in a bid to raise auditing standards. After recent failures at building company Carillion and retailer BHS, the watchdog said in its Developments in Audit report that the quality of audits at the UK’s 7 biggest accountancy firms was still not consistently reaching the necessary standards.

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United States: Accounting Probe at Under Armour causes shares to drop

US sportswear giant Under Armour have admitted that its accounts have been under investigation for the last two and a half years. Claims by the Wall Street Journal that Under Armour inflated their sales figures are currently being investigated.

David Bergman, CFO of Under Armour, stated that the company were “fully cooperating” adding that “we firmly believe that our accounting practises and disclosures were appropriate.”

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Trump setback means handing over 8 years of tax returns in accounting probe

The accounting firm of President Donald Trump must hand over 8 years of tax returns to New York prosecutors, a US appeals court ruled on Monday. A unanimous ruling by a three judge panel of the 2nd U.S Circuit Court of Appeals backed the ability of prosecutors to enforce a subpoena for the returns against accounting firm Mazars LLP. Trump is set to appeal the ruling to the U.S. Supreme court.

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