The UK Accounting Standards Board has finally issued its guidance to companies on the use of financial instruments standard IAS39, but warned there are still great uncertainties over the status of the EC's carved-out version.
Link: European Commission adopts IAS39
The guidance released late last week urges companies to follow the International Accounting Standards Board’s unamended version of IAS39 in areas such as hedge accounting, but said that complications arise when it comes to the fair valuing of financial liabilities and transitional arrangements.
In fact, when it comes to exemptions in IFRS1 on first time adoption, the ASB said it was unsure if the EC’s statement that those using the carved-out IAS39 can take advantage of the relief provisions is true. Consequently, it advised companies to avoid any uncertainty by complying from the outset with both the amended and unamended versions of the standard.
‘We set out to give simple and straightforward advice on the carved out IAS39,’ said ASB chairman Ian Mackintosh. ‘Unfortunately, we have found the situation to be complicated and sometimes unclear. Consequently, our guidance is much more lengthy and inconclusive than we hoped, and will need to be studied carefully by preparers.’
The numbers you crunch tell a story. Your expertis...
19yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe Bank of England has appointed Ernst and Young LLP (EY) as its external auditor from the financial year ending 28 February 2025. Read More...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articlePwC's decision to delay promotions in its graduate scheme, affecting around 100 graduates, is a response to reduced client demand and the aftermath of...
View articleTraditionally, audit schedules have been prepared manually, consuming significant time and resources. However, with the advancements in Artificial Int...
View articleThe FRC is promoting initiatives to foster a more competitive market, following recent high-profile accounting scandals. Read More...
View articleOn January 27, it was reported EY had quit as auditor to Asda amid one of its senior partners starting a romantic relationship with billionaire chief ...
View articleDespite the increased interest in AI and ML, only 12% of respondents indicate their organisations have adopted AI and ML within their audit functions....
View articleAs the government's independent investigation progresses, it is hoped that a clearer picture will emerge, leading to meaningful reforms within the aud...
View article