The International Accounting Standards Board (the Board) published a proposed update to the IFRS Taxonomy 2017 for public comment. IFRS Taxonomy updates reflect new IFRS Standards and amendments to Standards issued by the Board, allowing entities that report electronically using the latest Standards to do so without creating their own taxonomy concepts. The updates may…
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The International Accounting Standards Board (the Board) has proposed minor amendments to the financial instruments Standard, IFRS 9, to enable companies to measure at amortised cost certain prepayable financial assets with so-called negative compensation. The amendments respond to comments received by the IFRS Interpretations Committee and are intended to improve the usefulness of information about…
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The IFRS Foundation has published its Annual Report for the year ended 31 December 2016. The IFRS Foundation Annual Report 2016 provides an overview of the IFRS Foundation’s activities during the year including the Trustees’ Review of Structure and Effectiveness: Feedback Statement on the July 2015 Request for Views, the Agenda Consultation and the Better…
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Global Survey from IFAC, ACCA, CA ANZ of G20 Countries Find Citizens Want More Coherent International Tax System; Distrust Politicians on Tax Issues The citizens of G20 countries are more concerned that their government cooperates with other countries for a more coherent international tax system, than competes for national interests such as increasing tax revenue…
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A report published by the CAQ on behalf of the Anti-Fraud Collaboration, Addressing Challenges for Highly Subjective and Complex Accounting Areas compiles leading-practice recommendations from dozens of company executives, corporate directors, and auditors who attended two 2016 workshops to discuss ways to help deter fraud and enhance financial reporting. Taken together, these insights illuminate and…
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Accrual accounting is taking over in the world’s major economies, with nearly three-quarters of their governments using it, according to a new study. The study, Accrual Practices and Reform Experiences in OECD Countries, was conducted by the International Federation of Accountants and the Organization for Economic Co-operation and Development, and found that of the 34…
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The time will come when your business needs to engage the – but how should you choose one? Nick Parkes, Director at Derby-based Shapcotts Accountants gives expert advice on what to look for when you need honest, reliable, financial help.
I have been thinking of late about a common expression in America that comes from the classic television show, «Dragnet.» The protagonist of the gritty police series, Sgt. Joe Friday, is forever linked to the expression, «Just the facts, ma’am».
The most sensitive and important data to protect out of the gate is arguably usernames and passwords for the various financial applications and institutions you use to conduct and track business. However, what are you doing about it?
Only human beings, such as the auditor, can tell the true story behind the data. Can we trust Artificial Intelligence (AI) to audit financial statements? Perhaps. Artificial intelligence advocates speak of a time to come when these systems will be capable of auditing 100% of a company’s financial transactions. These visionaries foresee the day when…
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