The Accounting Standards Board
decided to temper the standard on share-based payments in its Financial
Reporting Standard for Smaller Entities update. Chairman Ian Mackintosh, said:
‘The Board agreed major simplification was appropriate for FRS20, particularly
for equity-settled arrangements where better financial reporting should be
secured through a disclosure-only approach.’
The body will now take the disclosure-only approach for equity-settled
arrangements on small companies’ share-based payments for accounting periods on
or after 1 January 2007.
In making the reform the ASB considered responses to an exposure draft for an
amendment to proposals issued in April 2006.
The ASB said replies to the exposure draft showed that share-based payments
were not widespread in the SME sector and that the requirements of FRS20 were
overly complex. Respondents also felt implemention would be costly with little
benefit in terms of improved financial reporting.
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.