AUDIT & ACCOUNTING
Academies Accounts Direction 2022 to 2023 published
The ESFA have published the 2022 to 2023 Academies Accounts Direction. This does not introduce any new requirements, and the changes made provide clarification on existing requirements. The ESFA have also published an updated auditor framework and guide for external auditors and reporting accountants of academy trusts.
College Accounts Direction 2022 to 2023 published
The ESFA have also published the College Accounts Direction 2022 to 2023 which applies to further education colleges, sixth form colleges, and certain other designated institutions. The changes made are largely the result of the further education sector in England being reclassified to central government.
FRC welcomes FCA consultation on equity listing rule reforms
The Financial Reporting Council (FRC) welcomes the Financial Conduct Authority's (FCA) recently published consultation on Primary Markets Effectiveness, which propose significant reforms to improve the framework for listing commercial companies' equity shares.
ICAEW Financial Reporting Faculty issues factsheet: FRS 102 - debt for equity swaps
This factsheet explains how to account for ‘debt for equity swaps’ in accordance with FRS 102. In addition, the factsheet considers the impact of company law for UK companies extinguishing debt with equity.
ICAEW Technical Advisory Service issues helpsheet: Can I be a director/ trustee for my non-audit client?
It is possible to act as trustee or director either within a personal capacity or within a professional appointment through an accountancy firm. The helpsheet considers the ethical implications of accepting such an appointment.
PRACTICE ASSURANCE
ICAEW Technical Advisory Service issues helpsheet: IT systems compliance review
The updated helpsheet includes a checklist to assist firms in reviewing their IT systems. It also includes guidance on considering the appropriateness of the policies and procedures around those systems.
IAASB Opens public consultation for revised going concern standard
The International Auditing and Assurance Standards Board (IAASB) issued proposed revisions to its current standard on going concern, International Standard on Auditing 570 (Revised), Going Concern. The proposed changes aim strengthen the auditor’s evaluation of management’s assessment of going concern, and enhance transparency with respect to the auditor’s responsibilities and work related to going concern.
Many of the changes mirror those already made to the UK version of the standard.
ANTI-MONEY LAUNDERING
HMRC issues updated guidance on trust registration service discrepancy reporting
HMRC has issued updated guidance on the obligation to report discrepancies in trust registrations that came into effect on 1 April 2023. Discrepancy checks must now to be carried out as part of ongoing monitoring and due diligence checks in accordance with the new definition of what constitutes a discrepancy.
TAXATION
Named tax avoidance schemes, promoters, enablers and suppliers
HMRC has updated their guidance on current tax avoidance schemes in use. To read more, please click here.
Over seven million households receive £301 Cost of Living Payment from the DWP in just 8 days
99% of households initially eligible through the DWP have been directly paid £301 by the government by 3 May 2023. To read more, please click here.
Savers set to benefit from simpler tax system
Millions of people could benefit from plans to help them boost their future savings as the government published a range of tax measures to make the system simpler and more effective. To read more, please click here.
Mercia Group 
23 May 2023 00:00
