What is a public interest entity (PIE) and will it affect you?


In the often complex world of modern economics, specific entities can have substantial influence, not only when it comes to commerce, but also in our wider society. These entities, known as public interest entities (PIEs), are therefore exposed to increased regulatory scrutiny due to their significant impact on the public interest. It’s often vital that…


A change in the quantity and scope of information requested by auditors


Many businesses with a reporting period end of 31 December are undertaking their year end procedures in preparation for their audit and have noted the increase in the quantity and scope of information that their auditors are requesting. This article provides details of the drivers for the change. The reason for the change is that…


Merger relief – what is it?


In the UK, Part 17 of the Companies Act 2006 dictates the accounting for share capital being issued. Legislation has established a number of statutory reserves, including share premium, capital redemption reserve and share capital. The regulations restrict what statutory reserves can be used for. This article highlights the requirements of accounting for share issues…


Share options – a brief accounting guide


Issuing share options, whether to employees, directors or suppliers, has increased in popularity. Accounting for share options, referred to as share based payments in accounting standards, can be complex. If you are considering issuing share options, you should obtain specialist accounting advice prior to issuing the options. Please note, this article does not include the…


Additional electronic tagging requirements for many UK listed companies


For many years, financial statements have been prepared in a paper format and approved in person by those charged with governance. Copies of these documents are sent to shareholders and to other relevant regulators. For most companies listed on the London Stock Exchange, amendments to the disclosure and transparency rules will require the primary statements…


New climate change reporting requirements for large businesses


Stakeholder expectation for transparency and information related to a business’s activity regarding climate change continues to increase. New reporting requirements, for accounting periods commencing on or after 6 April 2022, were approved in January 2022 and affect certain very large businesses. Which businesses are affected? The new reporting regulations apply to companies and limited liability…


December 2021 year end reporting – are you aware of the changes?


Many businesses will be completing the posting of their last transactions and journals and beginning to prepare for their audit for their 31 December year end. For entities which adopt FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, there are very limited changes to the recognition and measurement of…


Website disclosure requirements


Depending on its size, your business may have to include certain disclosures on its website if it has one. Requirements for stand-alone companies Below are the requirements for a stand-alone company. Exemptions which may be available are not included. While this can be used as a useful starting point to understand your organisation’s requirements, we…


How and when to file annual company accounts


Having just filed your latest set of accounts at Companies House, the idea of looking at your finances again may make you groan. With almost another year to file your accounts, considering this period’s financial statements may feel like overkill. However, allocating some time to stay on top of finances, including business and corporate tax,…


Banking covenants – are the terms in your agreement specific?


The London Inter-Bank Offered Rate (LIBOR) will cease to be updated after 31 December 2021. It is being replaced by SONIA, the Reformed Sterling OverNight Index Average. You’re probably now renegotiating your organisation’s finance agreements due to there being no transitional clauses in current contracts. But, as part of your renegotiations, have you reviewed the…


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