Newswire September 2023

AUDIT & ACCOUNTING

UKEB Draft Comment Letter: Post-implementation Review of IFRS 15

The UK Endorsement Board (UKEB) has issued a draft comment letter for public consultation in response to the IASB’s Request for Information on its Post-implementation Review of IFRS15 Revenue from Contracts with Customers.

The UKEB draft comment letter considers that IFRS 15 has achieved its objective and is working well, though some operational challenges remain. The draft comment letter highlights some areas where improvement, including potential standard setting activity, is required, without causing significant cost and disruption to entities already applying the standard.

IASB proposes annual improvements to IFRS Accounting Standards

The International Accounting Standards Board (IASB) has published proposed narrow-scope amendments to IFRS Accounting Standards and accompanying guidance as part of its periodic maintenance of the Accounting Standards.

The proposed amendments include clarifications, simplifications, corrections or changes to improve consistency in IFRS 1 First-time Adoption of International Financial Reporting Standards; IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7; IFRS 9 Financial Instruments; IFRS 10 Consolidated Financial Statements; and IAS 7 Statement of Cash Flows.

Proposed changes to the UK Audit Regulations

ICAEW proposes to make some changes to the UK Audit Regulations and Guidance to address three policy areas: compulsory alternates, CPD and sanctioning RIs. The ICAEW are seeking feedback from stakeholders on the likely impact of the proposed changes.

MONEY LAUNDERING

New Suspicious Activity Reports (SAR) Portal Launch

The National Crime Agency has announced that the new SAR Portal will be made open to all reporting organisations from 18th September 2023. Any reporting organisation yet to register for the new SAR Portal will be encouraged to do so at this point. This will be the sole reporting route for all registered organisations, as the current SARs Online System is planned for decommissioning later this year.