The Financial Reporting Review Panel has said that it has closed its enquiry into to accounts of the Royal Bank of Scotland.
The panel, part of the Financial Reporting Council, said it has been reviewing the past five years’ accounts of RBS in relation to its treatment of Tesco Personal Finance Group.
RBS had fully consolidated the company into its group accounts as a subsidiary, but the FRRP maintained that despite RBS owning the majority of the voting shares, the company should have been treated as a joint venture and use proportionate consolidation in future.
Following an announcement by RBS that accounting for TPFG would come under the gross equity method and proportionate consolidation, the panel has concluded its investigations.
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.