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  • IAS Plus
    9 or try using another browser such as Google Chrome or Mozilla Firefox IAS Plus IAS plus United Kingdom English Global English Global Deutsch Canada English Canada Français United Kingdom English United States English Login or Register Deloitte User Login Login Name Password Login Register Forgot password Welcome My account Logout IAS Plus United Kingdom English Global English Global Deutsch Canada English Canada Français United Kingdom English United States English Toggle navigation Search site Toggle navigation Home News Publications Standards Governance Other regulatory Projects Resources Customise Topics Communications Toggle navigation Search site Info Lost Password To reset your password enter the email address registered with IAS Plus here Need help Contact us Deloitte users Deloitte passwords cannot be reset through IAS Plus Please contact your local IT department for assistance About Contact us FAQs Legal Privacy Material on this website is 2015 Deloitte Global Services Limited or a member firm of Deloitte Touche Tohmatsu Limited or one of their related entities See Legal for additional copyright and other legal information Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited a UK private company limited by guarantee DTTL its network of member firms and their related entities DTTL and

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  • News
    second quarter of 2016 Final amendments are expected in the third quarter of 2016 We comment on the IASB s proposed amendments to IFRS 4 08 Feb 2016 We have responded to the IASB s Exposure Draft Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts Proposed amendments to IFRS 4 that was IASB published in December 2015 As stated in the comment letter we agree The exposure draft has identified valid reasons to introduce a temporary solution to issues arising from transitioning to two major and interrelated new standards at different times An option to defer IFRS 9 should be available for insurance activities and that a predominance criterion based on the carrying amount of liabilities is appropriate means to determine when that option should be available However we have concerns over the methodology for measuring that criterion and also disagree that it should be assessed only at the reporting entity level The proposed expiry date for the deferral approach is appropriate but recommend that the IASB conclude its deliberations on the new insurance contracts standard taking into account the inputs received from comment letters and outreach activities so that the effective date of the new standard is within this timescale In addition we do not believe that a clearly defined insurance business should be excluded from the deferral approach only because it is part of a larger group and recommend the predominance test be permitted at the reporting entity level or each level below the parent entity waterfall approach Further we provided some suggestions on how the predominance test could be modified to ensure that the temporary deferral can be applied by an appropriate population of entities Please click to access the full comment letter FRC publishes report into engagement quality control reviews 08 Feb 2016 The Financial Reporting Council FRC has today published the results of its thematic review in respect of firms engagement quality control reviews EQCR Specifically the thematic review considers the work performed by the engagement quality control reviewer EQCR in the audit of financial statements The FRC comments that the report is intended to promote a better understanding of the role of the EQCR and how this can support and enhance confidence in audit The FRC s AQR team visited nine audit firms to review their audit methodology guidance and training provided to partners and staff in respect of the engagement quality control review EQC review process Meetings were also held with a selection of EQCRs to understand how they perform this role and the challenges they face The review follows other thematic reviews conducted in January 2016 January 2014 and December 2013 Thematic reviews analyse further aspects of auditing which are not considered in detail during the FRC s routine audit inspections of individual firms Thematic reviews seek to identify both good practice and areas of common weakness among audit firms Overall the FRC indicates that all firms have established EQC review procedures for financial statement audits However it does indicate

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  • Publication library
    User Login Login Name Password Login Register Forgot password Welcome My account Logout IAS Plus United Kingdom English Global English Global Deutsch Canada English Canada Français United Kingdom English United States English Toggle navigation Search site Toggle navigation Home News Publications Standards Governance Other regulatory Projects Resources Customise Topics Communications Toggle navigation Search site Navigation Publications IFRS e learning Third party publications Info Publication library Publication series Quick access to our UK GAAP IFRS and Corporate Governance related publications covering a broad range of topics Specific publications include Need to Know A Closer Look Point of View Governance in Brief and Governance in Focus Deloitte IFRS e learning An educational and training resource on IFRS Deloitte s e learning on IFRS has been a leading educational and training resource on IFRS since it was initially released in 2004 with over 5 6 million modules downloaded to date In addition to the above links you can quickly find publications of interest using the directory appearing in the left hand column of all publications we host Quick links About publications Overview of our UK GAAP IFRS and Corporate Governance related publications Latest publications Deloitte comment letter on FRED 62 Draft amendments to FRS 102 Fair value hierarchy disclosures 09 Feb 2016 Deloitte comment letter on proposed amendments to IFRS 4 08 Feb 2016 EFRAG endorsement status report 3 February 2016 04 Feb 2016 Insurance webcast 56 The IASB has completed its deliberations on IFRS 4 Phase II 03 Feb 2016 Insurance webcast 55 The proposed solution to the de coupling of IFRS 9 and IFRS 4 Phase II 03 Feb 2016 About Contact us FAQs Legal Privacy Material on this website is 2015 Deloitte Global Services Limited or a member firm of Deloitte Touche Tohmatsu Limited or one of their related entities

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  • Standards
    IAS 27 Consolidated and Separate Financial Statements Superseded by IFRS 10 IFRS 12 and IAS 27 2011 effective 1 January 2013 2003 IAS 28 Investments in Associates and Joint Ventures 2011 2011 IAS 28 Investments in Associates Superseded by IAS 28 2011 and IFRS 12 effective 1 January 2013 2003 IAS 29 Financial Reporting in Hyperinflationary Economies 1989 IAS 30 Disclosures in the Financial Statements of Banks and Similar Financial Institutions Superseded by IFRS 7 effective 1 January 2007 1990 IAS 31 Interests In Joint Ventures Superseded by IFRS 11 and IFRS 12 effective 1 January 2013 2003 IAS 32 Financial Instruments Presentation 2003 IAS 33 Earnings Per Share 2003 IAS 34 Interim Financial Reporting 1998 IAS 35 Discontinuing Operations Superseded by IFRS 5 effective 1 January 2005 1998 IAS 36 Impairment of Assets 2004 IAS 37 Provisions Contingent Liabilities and Contingent Assets 1998 IAS 38 Intangible Assets 2004 IAS 39 Financial Instruments Recognition and Measurement Superseded by IFRS 9 effective 1 January 2018 where IFRS 9 is applied 2003 IAS 40 Investment Property 2003 IAS 41 Agriculture 2001 IFRIC Interpretations IFRIC Interpretations Summary Page Name Issued IFRIC 1 Changes in Existing Decommissioning Restoration and Similar Liabilities 2004 IFRIC 2 Members Shares in Co operative Entities and Similar Instruments 2004 IFRIC 3 Emission Rights Withdrawn June 2005 2004 IFRIC 4 Determining Whether an Arrangement Contains a Lease Will be superseded by IFRS 16 as of 1 January 2019 2004 IFRIC 5 Rights to Interests arising from Decommissioning Restoration and Environmental Rehabilitation Funds 2004 IFRIC 6 Liabilities Arising from Participating in a Specific Market Waste Electrical and Electronic Equipment 2005 IFRIC 7 Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies 2005 IFRIC 8 Scope of IFRS 2 Withdrawn effective 1 January 2010 2006 IFRIC 9 Reassessment of Embedded Derivatives 2006 IFRIC 10 Interim Financial Reporting and Impairment 2006 IFRIC 11 IFRS 2 Group and Treasury Share Transactions Withdrawn effective 1 January 2010 2006 IFRIC 12 Service Concession Arrangements 2006 IFRIC 13 Customer Loyalty Programmes Will be superseded by IFRS 15 as of 1 January 2018 2007 IFRIC 14 IAS 19 The Limit on a Defined Benefit Asset Minimum Funding Requirements and their Interaction 2007 IFRIC 15 Agreements for the Construction of Real Estate 2008 IFRIC 16 Hedges of a Net Investment in a Foreign Operation 2008 IFRIC 17 Distributions of Non cash Assets to Owners 2008 IFRIC 18 Transfers of Assets from Customers Will be superseded by IFRS 15 as of 1 January 2018 2009 IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments 2009 IFRIC 20 Stripping Costs in the Production Phase of a Surface Mine 2011 IFRIC 21 Levies 2013 SIC Interpretations SIC Interpretations Summary Page Name Issued SIC 1 Consistency Different Cost Formulas for Inventories Superseded 1997 SIC 2 Consistency Capitalisation of Borrowing Costs Superseded 1997 SIC 3 Elimination of Unrealised Profits and Losses on Transactions with Associates Superseded 1997 SIC 5 Classification of Financial Instruments Contingent Settlement Provisions Superseded 1998 SIC 6 Costs of

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  • Corporate Governance
    The UK has become known as a leader in the comply or explain corporate governance regime Beginning with the Cadbury Code in 1992 these recommendations have been added to at regular intervals since that date In 1995 the Greenbury Report set out recommendations on the remuneration of directors In 1998 the Cadbury and Greenbury Reports were brought together by the Hampel Report and the Combined Code was issued In 1999 the Turnbull Guidance on internal control was issued for directors Following the Enron and WorldCom scandals the Combined Code was updated in 2003 to include the recommendations of the Higgs Report on non executive directors and the Smith Report on audit committees Further small amendments were made to the Combined Code in 2006 and 2008 In 2010 the Code was renamed the UK Corporate Governance Code The 2012 Code introduced new regulations including diversity disclosures to support the recommendations arising from the Lord Davies report The latest revisions to the Code introduced in September 2014 introduce some new requirements in relation to directors remuneration and require companies to make a new statement regarding the prospects of the company The comply or explain regime has been retained throughout In September 2015 the FRC issued a consultation on changes to Ethical Standards for Auditors International Standards on Auditing ISAs the UK Corporate Governance Code and the Guidance on Audit Committees arising from the UK implementation of the EU Audit Regulation and Directive Proposed changes to the latter two pronouncements also implement parts of the Competition Markets Authority s CMA final Order providing audit committees with one place to look for guidance on the process to manage the relationship with their external auditor Comments on the consultation close on 11 December 2015 Quick links Financial Reporting Council FRC Narrative reporting The Sharman inquiry

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  • Other Regulatory
    Kingdom English Global English Global Deutsch Canada English Canada Français United Kingdom English United States English Toggle navigation Search site Toggle navigation Home News Publications Standards Governance Other regulatory Projects Resources Customise Topics Communications Toggle navigation Search site Navigation Other Regulatory Company Law EU Law Financial Reporting Council Market Rules Prudential Regulation Authority PRA BIS Info Other Regulatory From this page you can access content on various aspects of the UK Regulatory Framework from the Financial Reporting Council FRC who are the authorised body to issue accounting standards to the various laws and rules to which UK companies are required to comply with Laws and rules Organisations involved in financial reporting Laws and Rules Laws Rules Company Law Narrative Reporting Regulations Directors Remuneration Regulations Distributable profits EU Law Market Rules Organisations involved in financial reporting Organisations Financial Reporting Council FRC The Institute of Chartered Accountants in England and Wales ICAEW The Department for Business Innovation Skills BIS Financial Reporting Lab Corporate Reporting Review Prudential Regulation Authority PRA Financial Conduct Authority FCA Quick links Narrative Reporting Directors remuneration Company Law Distributable profits Financial Reporting Council FRC About Contact us FAQs Legal Privacy Material on this website is 2015 Deloitte Global Services

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  • FRC projects
    Internal Control and Related Financial and Business Reporting These are effective for periods commencing on or after 1 October 2014 UK Corporate Governance Code The Financial Reporting Council FRC are continuing to monitor the impact and implementation of the UK Corporate Governance and Stewardship Codes The FRC most recently updated the Code in September 2014 implementing its final solution to the recommendations of the Sharman Inquiry and other changes in relation to directors remuneration The changes are applicable for financial years beginning on or after 1 October 2014 Project Summary FRED 50 Residential Management Companies Financial Statements The Financial Reporting Council FRC issued financial reporting Exposure Draft FRED 50 containing Draft FRC Abstract 1 Residential Management Companies Financial Statements setting out proposals for the treatment of residential management transactions in the financial statements of residential management companies RMCs in August 2013 The FRC also issued consequential amendments to the Financial Reporting Standard for Smaller Entities FRSSE In September 2014 the FRC published its consultation document Accounting standards for small entities Implementation of the EU Accounting Directive setting out the FRC s proposals to amend UK accounting standards as part of the implementation of the EU Accounting Directive As part of this consultation the FRC proposed that a new sub section of FRS 102 within Section 34 would be added based on FRED 50 Residential Management Companies Financial Statements However in February 2015 the FRC indicated in FRED 59 that no change would be made to FRS 102 and in the July 2015 updates to FRS 102 the FRC confirmed that no changes to accounting standards will be made to mandate a particular treatment for residents management companies FRED 51 Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Hedge Accounting The Financial Reporting Council FRC has issued Amendments to FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland Basic financial instruments and Hedge accounting The amendments follow consultation on the proposals set out in Financial Reporting Exposure Draft FRED 51 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Hedge Accounting The amendments replace the restrictive hedge accounting requirements previously in FRS 102 with a set of hedge accounting principles based on the IFRS 9 Financial Instruments hedge accounting model As a result of the amendments there will be more opportunities for entities to apply hedge accounting FRED 52 Draft amendments to the Financial Reporting Standard for Smaller Entities effective April 2008 Micro entities In December 2013 new regulations were introduced into UK Company Law to allow micro companies to prepare and file abridged accounts in place of full financial statements The FRC has now published amendments to the Financial Reporting Standard for Smaller Entities FRSSE to enable micro entities to comply with the FRSSE whilst taking advantage of these exemptions These amendments follow a comment period that ran until 12 February 2014 on Financial Reporting Exposure Draft FRED 52 The amendments are effective for periods ending on or after 30 September 2013 for companies filing their accounts on or after 1 December 2013 FRED 53 Draft amendments to FRS 101 Reduced Disclosure Framework 2013 14 When it issued FRS 101 in November 2012 the Financial Reporting Council FRC committed to review the standard on an annual basis and update it to ensure that it maintains consistency with IFRS and remains cost effective for groups In July 2014 the FRC issued amendments to Financial Reporting Standard FRS 101 Reduced Disclosure Framework available to UK subsidiary companies that wish to apply the recognition and measurement requirements of IFRSs in their financial statements FRED 54 Draft amendments to FRS 102 Basic financial instruments The Financial Reporting Council FRC has issued Amendments to FRS 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland Basic financial instruments and Hedge accounting The amendments follow consultation on the proposals set out in Financial Reporting Exposure Draft FRED 54 Draft amendments to FRS 102 Basic financial instruments The amendments permit amortised cost measurement for a broader range of debt instruments where it adequately captures the risk associated with those financial instruments FRED 55 Draft Amendments to FRS 102 Pension Obligations The Financial Reporting Council FRC has published Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland pension obligations The amendments which are effective for accounting periods beginning on or after 1 January 2015 clarify aspects of the accounting for defined benefit pension plans under FRS 102 FRED 56 Draft FRS 104 Interim Financial Reporting The Financial Reporting Council FRC has published Financial Reporting Standard FRS 104 Interim Financial Reporting FRS 104 sets out a new standard on interim reporting for entities that apply FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland in their annual financial statements FRED 57 Draft amendments to FRS 101 Reduced Disclosure Framework 2014 15 When it issued FRS 101 in November 2012 the Financial Reporting Council FRC committed to review the standard on an annual basis and update it to ensure that it maintains consistency with IFRS and remains cost effective for groups The amendments published in July 2015 represent the second of these annual updates following the 2013 2014 amendments FRED 58 Draft FRS 105 The Financial Reporting Standard applicable to the Micro entities Regime In July 2015 the Financial Reporting Council FRC published FRS 105 The Financial Reporting Standard applicable to the Micro entities Regime FRS 105 the new accounting standard for entities choosing to apply the Micro entities regime is based on FRS 102 but its accounting requirements are adapted to satisfy the legal requirements applicable to micro entities and to reflect the simpler nature and smaller size of micro entities FRED 59 Draft amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland Small entities and other minor amendments In July 2015 the FRC issued Amendments

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  • Resources
    periods beginning on or after 1 October 2014 Revised FRC guidance for audit committees applicable for periods beginning on or after 1 October 2012 Financial Reporting Council year end advice to preparers of smaller listed and AIM quoted company annual reports Financial Reporting Council year end considerations for larger listed companies Financial Reporting Lab report on disclosure of dividend policy and practice Changes to small company and micro entity reporting including FRS 105 and withdrawal of the FRSSE Revised SORPS to incorporate the requirements of FRS 102 Proposed deregulatory changes for LLPs and qualifying partnerships as a result of the UK implementation of the EU Accounting Directive New UK GAAP FRSs 100 104 published including revised versions of FRSs 100 102 incorporating amendments as a result of the EU Accounting Directive Sharman proposals on going concern The FRC has now finalised its implementation of the recommendations of the Sharman Inquiry with the publication of an updated version of the UK Corporate Governance Code in September 2014 and associated Guidance on Risk Management Internal Control and Related Financial and Business Reporting These are effective for periods commencing on or after 1 October 2014 In October 2015 the FRC issued an Exposure Draft of best practice guidance on the going concern basis of accounting and reporting on solvency and liquidity risks for companies that do not apply the UK Corporate Governance Code Comments are invited until 15 January 2016 The requirement to include a full listing of related undertakings within annual financial statements for accounts approved by Directors on or after 1 July 2015 Changes as a result of the UK implementation of the EU Accounting Directive Strategic Report has replaced business review for periods ending on or after 30 September 2013 Sustainability and integrated reporting initiatives of the IIRC Audit reform including mandatory rotation Corporate Reporting Review Annual Report 2015 highlights areas likely to pose future challenges for preparers of annual reports and accounts IFRS reporters New and revised standards for December 2015 year ends IFRS 15 Revenue from contracts with customers IFRS 9 Financial Instruments IASB issues new leasing standard IFRS 16 IASB s comprehensive project on the Conceptual Framework Other useful resources Our Other Regulatory page provides content on various aspects of the UK Regulatory Framework from the Financial Reporting Council FRC who are the authorised body to issue accounting standards to the various laws and rules to which UK companies are required to comply with Our standards page contains links to our summaries analysis history and resources for UK GAAP including SORPS International Financial Reporting Standards IFRS and International Accounting Standards IAS IFRIC Interpretations SIC Interpretations and other pronouncements issued by the International Accounting Standards Board IASB and its related bodies It also includes information on the Financial Reporting Council FRC IFRS Foundation and the IASB and other organisations involved in financial reporting Corporate Governance developments are contained within our Governance page Below are a number of other resources on various topics that may be of interest to

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