COVID-19 reporting examples
The FRC's Financial Reporting Lab has issued two new reports that look at disclosures made in response to the Covid-19 pandemic. The first examines disclosures that investors are likely to expect, and the second specifically addresses going concern, risk and viability disclosures. While the Lab's focus is on large and public companies, the themes and principles apply more widely and of course the examples shown can be adapted to be appropriate for less complex private entities.
Charities SORP information sheets
Two new information sheets have been issued supporting the application of the Charities SORP.
Information Sheet 5 looks at applying streamlined energy and carbon reporting requirements in charity accounts
Information Sheet 6 is relevant only to Irish charities and addresses merger accounting under Irish company law.
Academies Accounts Direction and Handbook
The ESFA has published its Accounts D irection 2019 to 2020, applicable for academy trust financial statements prepared for the period to 31 August 2020. It has also issued additional guidance on the application of streamlined energy and carbon reporting for academies.
The Academies Financial Handbook 2020 has also been published, which comes into effect on 1 September 2020.
Updated AGM guidance
BEIS and the FRC have updated their Q&A document about AGM best practice with a focus on the interaction between the timings of the new legislation and the timings of AGMs that should have been held during the period of the pandemic. The document also hints that as a piece of future proofing companies may wish to amend their Articles to allow more flexibility about how their general meetings are held.
Changes to the advisory fuel rates from 1 June 2020
|1400cc or less||10p (12p)||6p (8p)|
|1401cc - 2000cc||12p (14p)||8p (10p)|
|Over 2000cc||17p (20p)||11p (14p)|
|1600cc or less||8p (9p)|
|1601cc - 2000cc||9p (11p)|
|Over 2000cc||12p (13p)|
More information available here.
VAT reverse charge delayed
HMRC have announce that the introduction of the domestic reverse charge for construction services will be delayed from 1 October 2020 until 1 March 2021 due to the impact of the coronavirus on the construction sector. To read more, please click here.
Probate Training Course and Assessment - Now available to attend online
Our Certificate in Probate and Estate Administration provides you with the training and certification needed to apply for probate accreditation, enabling you to start providing probate services to clients. Both the course and assessment are now available to attend online.