Revised ISA on accounting estimates
The FRC has issued ISA (UK) 540 Accounting Estimates and Related Disclosures (Revised). The revised standard includes a more robust approach to identifying, assessing and responding to risks of material misstatement for accounting estimates and related disclosures. Changes are effective for audits of financial statements for periods beginning on or after 15 December 2019, with early adoption permitted.
The FRC has also proposed revisions to Practice Note 19: The Audit of Banks and Building Societies in the United Kingdom to address changes to UK auditing standards, legislation and regulation of the sector since the Practice Note was last updated in 2011. The FRC is requesting comments on the consultation by 8 March 2019.
Wates corporate principles for large private companies
The Wates Corporate Governance Principles for Large Private Companies have been launched this month. The Wates Principles aim to provide a framework to help companies that employ more than 2,000 employees and / or have a turnover of more than £200m and a balance sheet total of more than £2bn to report on their corporate governance arrangements under The Companies (Miscellaneous Reporting) Regulations 2018.
FRS 102 Factsheets
The FRC has issued a series of staff factsheets covering aspects of FRS 102, including summaries and guidance on the application of the Triennial Review.
A&A technical round-up
In a relatively busy month for A&A technical publications, you may also find the following items, all relating to FRC publications and guidance, of interest:
- an Audit Quality Thematic Review on other information in the annual report;
- a consultation seeking feedback on the Client Asset (CASS) Assurance Standard;
- a Staff Guidance Note providing guidance on group audits. Relevant information in relation to this guidance will be included in the forthcoming update to the Mercia Audit and Audit Procedures Manuals;
the withdrawal of Practice Note 25 Attendance at Stock-taking and Practice Note 27 The Audit of Credit Unions in the United Kingdom.
Technical Manuals News
If you are a subscriber and have any administrative questions about this update, please email TechnicalManuals or call us on 0116 258 1200.
The Lords Select Committee have published their report on MTD - recommending further deferral
The Lords Select Committee have published their report on MTD recommending further deferral. To read more please click here.
Find out about changes to VAT legislation on face value vouchersHMRC has issued VAT Information Sheet 09/18 which details changes from 1 January 2019 to the VAT legislation governing face value vouchers in Sch 10A VAT Act 1994. To read more please click here.
Scottish BudgetFinance Secretary Derek Mackay presented the draft Budget to the Scottish Parliament on Wednesday 12 December 2018. To read more click here.
OFFICE GOSSIP & IDLE CHAT
Your 2019 training programme
By now you should have received your 2019 brochure setting out our new memberships and credit pricing, offering you more choice and flexibility than ever before. We have had a busy year making sure we get it right to support the changing needs of the profession but maintaining the flexibility required to allow you to access your training in your preferred way. Thank you to all the firms who helped us by providing feedback in the planning stages.
Please call us if you'd like any help in deciding which options are best for your firm.
Helping local people in Crisis
Every year we support a charity that helps those less fortunate. This year the team donated items to create Christmas hampers for the Leicester South Foodbank. Each hamper contains emergency food to help feed families and individuals who are struggling to put food on the table this Christmas.
The response from the team has been phenomenally generous. For more information about the charity and how to donate you can visit their website by clicking here.
Christmas Jumper Day
The festive jumpers were out in full force at our office for Save the Children Christmas Jumper Day.
Christmas holiday opening hours
Our office will be closed from 12.30pm on Friday 21 December to 8.45am on Wednesday 2 January 2019.
Thank you for all your support in 2018. We wish you all a happy, healthy and prosperous New Year and we look forward to working with you again in 2019.