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Weekly Catch-Up 13th February
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.
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.
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.
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.”
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