Mercia Group 
20 December 2024 10:00The holiday season is upon us, and here at Mercia, we’re embracing the festive cheer while eagerly looking ahead to an exciting 2025. Our experts have been busy unwrapping insights and forecasting key trends for the year ahead - including compliance challenges, corporate reporting updates, and AI advancements. Our experts have shared their opinions of what lies ahead for 2025. Discover their predictions here.
All these changes underline the importance of starting 2025 strong and getting ahead with your CPD requirements. Don't forget that our on-demand courses are available to download over the festive break, so you can access the training at a time and place that suits you. Please contact us if you need further information or have any questions about our flexible learning options.
Moreover, the Chancellor of the Exchequer, Rachel Reeves, announced that the Office for Budget Responsibility will publish its Spring Economic and Fiscal Forecast on 26 March 2025, providing key insights and updates on the UK's economic outlook and fiscal plans. Stay tuned for key insights and updates as we approach this important date.
In our final Newswire of 2024, we look at the guidance on the Apprenticeship Levy and Employment Allowance, and HMRC’s scam warning as the self assessment deadline approaches - please see the tax section for details. On the audit side, the FRC has issued a suite of factsheets for FRS 102 and the regulator has also published its Annual Review of Corporate Governance Reporting.
Thank you for all your support in 2024 and we look forward to working with you again in 2025. Wishing you a Happy Christmas and a healthy and prosperous New Year.
A personal approach to meeting your firm’s training needs, encouraging collaboration and best practices.
Training can be booked as a one-off course or a structured programme. Sessions are available on-site at your chosen venue or live-streamed via Zoom.
Demonstrate your expertise in managing tax planning opportunities.
Our 2024/25 Year End Tax Planning Guide contains practical guidance and ideas for your clients to implement before 5 April 2025.
Coming in 2025, Mercia's NEW training modules!
Innovative interactive training, designed for you to simplify the practical application of the new lease and make revenue requirements.
Revised FRC Ethical Standard for Auditors comes into effect
The FRC’s revised Ethical Standard for auditors, effective from 15 December 2024, will now be impacting auditors.
For those looking for a reminder, our blog from earlier in the year outlines the changes including details of the transitional arrangements.
FRC issues updated suite of factsheets for FRS 102
The Financial Reporting Council (FRC) has issued an updated suite of factsheets on aspects of FRS 102.
The updated factsheets follow the Periodic Review 2024 amendments to FRS 102 and other standard, providing additional guidance to support stakeholder reporting in accordance with specific aspects of the new requirements.
FRC publishes Annual Review of Corporate Governance Reporting
The FRC has published its Annual Review of Corporate Governance Reporting 2024, providing important insights as companies prepare to implement the revised UK Corporate Governance Code from January 2025.
FRC publishes its annual Audit Market and Competition Update
The FRC has published its annual Audit Market and Competition Update for 2024, highlighting developments in the UK audit market and setting out the FRC’s evolving approach to competition.
The report shows that the Big Four audit firms (Deloitte, EY, KPMG, and PwC) continue to dominate the market, however challenger audit firms’ share of FT350 audit engagements grew to 13% in 2023.
FRC publishes report on quality of major local audits ahead of system reset
The FRC has published its annual report on the quality of major local audits, which also sets out how it will continue to support the local audit system to recover from delays in the publication of audited accounts.
The report follows the Government’s legislative measures in September 2024 to clear the backlog in local audit and rebuild assurance through a series of statutory backstop dates.
IAASB approves Final ISSA 5000
The International Auditing and Assurance Standards Board (IAASB) has approved the Final Pronouncement of the International Standard on Sustainability Assurance (ISSA) 5000, General Requirements For Sustainability Assurance Engagements.
The IAASB have called upon policymakers and practitioners to adopt ISSA 5000 and have commented they are pleased that the European Commission has asked the CEAOB to advise the Commission on how to incorporate ISSA 5000 into CSRD-related requirements. We await to hear on plans for adoption in the UK.
IESBA approves two sets of standards that will underpin public trust in sustainability reporting and assurance
The International Ethics Standards Board for Accountants (IESBA) has approved the International Ethics Standards for Sustainability Assurance (IESSA) and related revisions to the International Code of Ethics for Professional Accountants (including International Independence Standards) (the Code), which IESBA comment set a global benchmark for ethical behaviour and independence in sustainability reporting and assurance.
In addition, IESBA has approved revisions to the Code on the Using the Work of an External Expert, which IESBA comment establish an ethical framework for evaluating the competence, capabilities and objectivity of external experts used by professional accountants and sustainability assurance practitioners.
TPR issues new DB funding code of practice
The Pensions Regulator (TPR) has issued a new Defined Benefit (DB) funding code of practice which came into force on 12 November 2024, replacing the previous version issued in July 2014.
The new code of practice applies to activities related to valuations with effective dates on and after 22 September 2024. For activities related to valuations with effective dates before 22 September 2024, trustees are advised to refer to the 2014 DB funding code.
SRA consultation on potential changes to how client money is handled in the legal sector
The Solicitors Regulation Authority (SRA) are consulting on potential changes to how and when law firms handle client money, and how this money is protected.
The SRA comment that proposals have been developed in light of the extensive feedback received following publication of their Consumer Protection Review discussion paper in February 2024. The proposals are also informed by the findings from externally commissioned research exploring areas such as consumer attitudes and perceptions, approaches in other jurisdictions and sectors, and analysis of future risks.
The consultation will run until 21 February 2025.
ICAEW publishes technical helpsheet on revenue recognition
The ICAEW has published a technical helpsheet issued to help ICAEW members with practical tips on how to implement the revenue recognition amendments to FRS 102 introduced by the Periodic Review 2024.
ICAEW issues article on what to consider when auditing cryptocurrencies
The ICAEW’s Digital Assets Working Party has produced an article for auditors that highlights the common risks to be considered in the audit of cryptocurrencies.
Help with the Apprenticeship Levy and Employment Allowance - connected entities
HMRC has published common areas of error when reporting the Apprenticeship Levy or claiming Employment Allowance. To read more, please click here.
Scams warning as Self Assessment deadline loom
HMRC is reminding Self Assessment customers to be alert to potential scams and fraudsters ahead of the filing deadline on 31 January 2025. To read more, please click here.
Subscribe to Newswire
Sign up to our monthly newswire email to receive it straight to your inbox
