Newswire February 2023
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Mercia Group 
21 February 2023 00:00
Welcome to our February Newswire,
We hope you have had a good start to 2023. The team at Mercia is preparing for Chancellor Jeremy Hunt’s upcoming Spring Budget. Against the backdrop of high inflation and an ongoing cost-of-living crisis, can we expect the Budget to unveil some significant changes to tax policy? Our latest blog posts take a look at some measures the Chancellor may address.
Don’t miss our Rapid Reaction Budget course on Thursday 16 March! Join speaker Pat Nown for a review of the Chancellor’s announcements and to consider any immediate implications the Budget may have for your clients.
In our Newswire, we look at the latest guidance on changes to the basis periods in the new tax year and HMRC’s new advice on dispute resolution (please see the tax section for details). On the audit side, we examine misconceptions of corporate governance and stewardship and the FRC’s latest statement on ESG.
We’re looking forward to updating you on the latest in the world of tax and accounting.
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AUDIT & ACCOUNTING
FRC dispels misconceptions of Corporate Governance and Stewardship
The Financial Reporting Council (FRC) has published a myth-buster to dispel common misconceptions about Corporate Governance and Stewardship. The document addresses several frequently asked questions, such as:
- What is corporate governance?
- What do we mean by stewardship?
- Does the Corporate Governance code give the FRC powers to enforce against Directors?
FRC updates 2021 Statement of Intent on ESG
The FRC published its first Statement of Intent on Environmental, Social and Governance (ESG) in 2021, which identified underlying issues with the production, audit and assurance, distribution, consumption, supervision and regulation of ESG information.
The FRC has now published an update to its 2021 Statement , setting out areas where there remain ongoing challenges in ESG reporting and suggesting actions for preparers to produce decision relevant information.
ICAEW Financial Reporting Faculty issues guidance on climate related financial disclosure regulations
The ICAEW Financial Reporting Faculty has issued a UK Regulation Factsheet dealing with the Climate-Related Financial Disclosure Regulations. The factsheet provides and overview of the regulations and applies to companies and LLPs that report under both UK GAAP and IFRS.
ICAEW Financial Reporting Faculty has issued an updated factsheet giving an overview of UK regulation for company accounts
The ICAEW Financial Reporting Faculty has issued an updated UK Regulation Factsheet which provides an overview of company law affect UK company accounts, including an overview of the requirements for different sizes of companies, what needs to be included in the annual accounts, exemptions from audit and approval, circulation and filing of accounts. The factsheet has been updated for the changes to FRS 100 in respect of the determination of equivalence.
ICAEW Financial Reporting Faculty issues new factsheets for 2022 UK GAAP and 2022 IFRS accounts
The updated factsheets highlight new and modified requirements and include practical tips on the implications of the changes.
See here for 2022 UK GAAP Accounts
See here for 2022 IFRS Accounts
IAASB opens public consultation on less complex group audits
The International Auditing and Assurance Standards Board (IAASB) has opened a public consultation on the group audit-specific section of the proposed auditing standard for less complex entities (LCEs). The proposed section, Part 10, Audits of Group Financial Statements, is intended to form part of the proposed International Standard on Auditing for Audits of Financial Statements of Less Complex Entities (ISA for LCE) when finalised. The exposure draft is open for public comment until the 2nd May 2023.
CHARITIES
Charity Commission issues guidance on protecting a charity from cyber crime
The Charity Commission for England and Wales has issued information about fraud and cyber-crime, how to spot it and what you can do to protect against it.
INSOLVENCY
ICAEW Insolvency News Issue 12
The ICAEW has published issue 12 of Insolvency News. This includes details of forthcoming changes to Statement of Insolvency Practice 3.1 on Individual Voluntary arrangements.
Preparing for the new tax year basis
The changes to basis periods will go ahead as proposed and are not affected by the delay to the introduction of Making Tax Digital for Income Tax Self Assessment announced on 19 December 2022. To read more, please click here.
More directors banned for Covid support scheme fraud
The Insolvency Service is now banning around 35 directors a month for Covid support scheme abuse. To read more, please click here.
HMRC internal manual Alternative Dispute Resolution Guidance
HMRC has published a new manual on Alternative Dispute Resolution. To read more, please click here.
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