A change in the way that museums and galleries report their heritage assets
is set to wipe £55m from the National Gallery’s balance sheet if it gets the
Institutions can show recently acquired heritage pieces at cost, sparking
criticism from the Accounting Standards Board. It said the figures bore ‘little
or no resemblance to an entity’s collection as a whole,’ as it released
Financial Reporting Exposure Draft 40 requiring all assets or none to be
reported at valuation.
Chris Yates, The National Gallery’s director of resources said: ‘At year-end
of March 2006 our recent acquired assets were valued at £55m, that’s a fairly
Yates believes the reform will provide a more accurate impression of
institutions’ accounts: ‘It doesn’t represent the value of collections as a
whole,’ he said.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.