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A proposed new approach to developing disclosure requirements in IFRS Standards may have a detrimental impact on disclosures and impair comparability, ICAEW has warned.

ICAEW has backed government moves to improve the quality of reporting around climate-related risk but warned that changes risk overwhelming organisations with their complexity. In its response to the government consultation on mandatory climate-related financial disclosures by publicly quoted companies, large private companies and LLPs, ICAEW says a new era of corporate reporting means non-financial information now ranks alongside financial information in terms of its importance in understanding how a company creates and maintains its value more broadly. But despite recognisin...

Need to know HMRC waive SA late filing penalties for one month: the tax authority will automatically waive penalties for self assessment tax returns filed late due to the coronavirus pandemic. The move will see no penalties issued for returns filed online up to 28 February 2021. Chancellor reveals lockdown grants for retail and hospitality firms: one-off grants of up to £9,000 per property will be paid to businesses in the retail, hospitality and leisure sectors as the government outlined a new £4.6bn package of measures to help businesses through the latest lockdown. Supreme Court backs ...

IFRS: in a strong position on sustainability standards 28 January 2021: There is a pressing need for the development of a global set of high-quality, authoritative sustainability reporting standards, says ICAEW, and it believes the IFRS Foundation is in a strong position to help achieve this goal. ICAEW welcomes the opportunity to comment on the IFRS Foundation’s Consultation Paper on Sustainability Reporting. It urges the Foundation not to delay in taking the next steps to set up a Sustainability Standards Board (SSB) and to task it with developing sustainabilit...

Quoted companies Large LLPs There are several exemptions, including subsidiaries and organisations who used 40,000kWh of energy or less during the reporting period. You can find the full list of exemptions and the definition of a ‘large company’ here. Please note this guide is only available to members of the Financial Reporting Faculty.  What needs to be reported?  Large unquoted companies and large LLPs UK emissions only Electricity for own use (including transport) Quoted companies Tonnes of CO2 emitted, kWh of energy used Combustion of any fuel and industrial emissions Electricity...