IFRS 16

Today’s news in brief – 28/2/2025

Global accounting network Crowe Global reported $5.8bn in revenues for 2024, a 10% increase from the previous year. Growth was particularly strong in Asia Pacific (16%), the Middle East (23%), and Europe (13%). The firm expanded into China, Indonesia, Martinique, and Kosovo while strengthening its core services through acquisitions. CEO…

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IASB publishes third edition of IFRS for SMEs Accounting standard

The International Accounting Standards Board (IASB) has published the third edition of the IFRS for SMEs Accounting Standard, marking the completion of its second comprehensive review of the standard. The standard defines SMEs as entities without public accountability that prepare general purpose financial statements. The revised standard also reflects key…

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A guide to navigating complex financial regulations

In the ever-evolving landscape of financial regulation, UK accountants find themselves navigating a labyrinth of rules, standards, and compliance requirements. As guardians of financial integrity and compliance, accountants must stay abreast of these changes to effectively guide their clients and organisations. This guide aims to provide a comprehensive overview of…

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Understanding International Financial Reporting Standards (IFRS)

International Financial Reporting Standards (IFRS) are a set of accounting standards developed and maintained by the International Accounting Standards Board (IASB). These standards aim to bring consistency, transparency, and comparability to financial statements across the globe.  As businesses increasingly operate in a global marketplace, the adoption of IFRS has become…

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ACCA ‘concerned’ over delayed and backlogged gov accounts

ACCA has said it remains concerned over the “usefulness, timeliness and data quality and collection” of Whole of Government Accounts (WGA) in the UK.  The accountancy body said it is calling for a coordinated approach involving government stakeholders, audit firms, regulators, and professional bodies to “address the root causes of…

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The FRC’s periodic review of FRS 102: explained

The FRC issued a laundry list of comprehensive improvements to FRS 102 on 27 March, which is used by an estimated 3.4 million businesses.  The changes to these financial reporting standards aim to enhance the quality of financial reporting in the UK, helping support the access to capital and the…

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More changes for accounting standards: who will they affect?

Following a periodic review of Financial Reporting Council’s (FRC) standards, some updates to current accounting requirements have been proposed and are currently subject to consultation, with comments invited by 30 April 2023. The changes are not due to come into effect until 1 January 2025, but what are they and…

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FRC reveals updated reporting and audit quality review programme

The FRC has announced its 2020/21 corporate reporting and audit quality review programme. The FRC’s Corporate Reporting Review team will supplement its routine reviews of corporate reporting with “four thematic reviews”. These reviews will identify scope for improvement, as well as areas of better practices, in a number of areas…

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IASB proposes annual improvements to IFRS Standards

The International Accounting Standards Board (IASB) has published proposed narrow-scope amendments to four IFRS Standards as part of its maintenance and improvements of the standards. The changes are part of the standard setter’s regular cycle of maintenance and improvements to the standards. Annual improvements are limited to changes that either…

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Grant Thornton bolsters retail expertise with senior hires

Business and financial adviser Grant Thornton UK has expanded its retail sector expertise, with the addition of two new senior hires. Wendy Russell, partner in the firm’s audit practice, will join the firm’s Milton Keynes office and brings over 17 years of experience across audit, assurance and finance transformation. She…

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