CA daily briefing: Thursday 26 March 2020
Your essential briefing of the morning's top news stories.
Good morning, Hilde Oesterkloeft here to give you this morning's briefing.
The latest from ICAS
At this challenging time, ensuring ICAS remains connected to its members has never been more essential. This brand-new podcast series from ICAS, which was recorded at the end of 2019, brings together the brightest minds from the worlds of business, accounting and technology to discuss key issues facing the modern business professional.
The spread of COVID-19 has escalated considerably across the UK in recent days and this has led to the introduction of mobility restrictions. These will obviously have major implications for many businesses and indeed for auditors. The Financial Reporting Council (FRC) issued guidance for auditors covering several areas on 16 March 2020.
The International Accounting Standards Board is seeking views on its proposed improvements to the way that organisations disclose information about their acquisitions, and how they account for goodwill, in a recently issued discussion paper.
Implicit in the concept of digital tax, is the need for an effective digital means of appointing a tax agent. While it would technically be possible for authorisation via a firm’s existing software, HMRC is expecting your clients to login via Government Gateway and have their identity verified in order to confirm your appointment. Philip McNeill asks ‘What does this mean for you and your client?’.
Today's top stories from around the web
- Coronavirus: Rishi Sunak to unveil financial aid for self-employed (BBC News)
- UK retail sales miss expectations before March's coronavirus hit (City AM)
- FTSE 100 retreats after strongest two-day surge ever (Reuters)
- UK government helps supermarkets target deliveries to vulnerable shoppers (The Guardian)
- Banks under fire for coronavirus loan tactics (BBC News)
- Coronavirus: Record $2trn clears Senate hurdle but stocks sink again (Sky News)
- Lloyd's swings back to profit, but says coronavirus impact 'uncertain' (City AM)
- Bank of England, UK government to resume fight against coronavirus slump (Reuters)
- FRC guidance for companies and auditors during Covid-19 crisis (Financial Reporting Council)
- Bill Ackman claims firm made $2.6bn betting on coronavirus outbreak (The Guardian)
- Joint statement by the FCA, FRC and PRA (Financial Conduct Authority)
That's all for today. Check back tomorrow for your Friday briefing.