26 March 2021

Pre-acquisition issues relating to special purpose acquisition companies ("SPACs")

Pre-acquisition issues relating to special purpose acquisition companies ("SPACs")

17 March 2021

State aid investigation into the group financing exemption of the UK controlled foreign company (CFC) regime

On 25 April 2019, the EU Commission announced the conclusion of its investigation into the group financing exemption of the UK CFC regime. The EU has determined that this regime represents unlawful State Aid by the UK Government. We understand that this decision will be appealed to the European Court of Justice (ECJ) but, in the meantime, HMRC has to collect the tax that has been allegedly underpaid.

15 March 2021

Budget update March 2021

The Government made a number of budget announcements on 3 March 2021.

24 February 2021

SECR - energy use and carbon emissions - principles for disclosure by group entities

It can be challenging for entities within groups to make SECR disclosures when the relevant information is not captured on an entity-by-entity basis. This guidance sets out four principles to follow in such circumstances, so that entities can report on the energy use and emissions consumed in the activities for which they are responsible.

16 February 2021

Narrow-scope amendments to IAS 1, IFRS Practice Statement 2 and IAS 8

The amendments aim to improve accounting policy disclosures and to help users of the financial statements to distinguish between changes in accounting estimates and changes in accounting policies. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted (subject to any local endorsement process).

12 February 2021

Accounting Reporting Update webcast (ARU) - 25 March

Our next ARU webcast is on Thursday, 25 March 2021 at 11.00am. Join PwC UK's experts discussing the latest updates, including observations from the recent reporting season and the impact of climate change and Brexit on corporate reporting. Register for the live webcast and access previous webcasts here.

26 November 2020

IASB educational material: the effects of climate-related matters on financial statements prepared applying IFRS

The IASB has issued educational material that contains examples of how companies might consider climate related matters and risks in their financial reporting under IFRS.

26 November 2020

A comparison of IFRS and UK GAAP (FRS 102)

This publication provides a high-level overview of the significant differences between International Financial Reporting Standards (‘IFRS’) and UK GAAP (which, for this purpose, means FRS 102, ‘The financial reporting standard applicable in the UK and Republic of Ireland’). It focuses on a selection of those differences most commonly found in practice.

03 November 2020

Accounting and reporting implications of Brexit

This In depth considers the potential accounting and reporting implications of Brexit, including changes to the UK’s financial reporting framework. For some businesses the impact could be significant, especially when considered alongside the impact of COVID-19

21 October 2020

FRC issues FRS 102 and FRS 105 COVID-19 related rent concessions amendment

As a result of the coronavirus (COVID-19) pandemic, rent concessions have been granted to lessees

09 October 2020

Practical guide to Phase 2 amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 for interest rate benchmark (IBOR) reform

The IASB has issued amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 that address issues arising during the reform of benchmark interest rates including the replacement of one benchmark rate with an alternative one. Given the pervasive nature of IBOR-based contracts, the amendments could affect companies in all industries. The amendments are effective from 1 January 2021. This publication provides guidance on how to apply the Phase 2 amendments to various contracts and hedge accounting relationships, including the interaction with the Phase 1 reliefs for hedge accounting.