Last year, the syndicates began reporting annually on a UK GAAP basis, but
ironically the disclosures under the old system, which was harshly criticised as
it only required syndicates to produce accounts every three years, were
superior, according to experts.
A research report by a team of Standard & Poor’s analysts said that under
UK GAAP the syndicates were permitted to exclude key disclosures that were
compulsory under the old rules.
‘Perversely, by moving to the standards of the company market, a number of
valuable disclosures have been, or are in the process of being lost. It is fair
to say that Lloyd’s original reporting regime provided a level of disclosure far
in excess of that mandated by UK GAAP’.
The agency is concerned this change is weakening consistency of reporting
Stuart Bridges, finance director of Hiscox, a member of Lloyd’s Syndicate 33,
said that the increased disclosure at plc level compensated for this.
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.