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Accounting and Audit

Online discussion with the FRC on IFRS developments on Tuesday 5th May 15:30 -17:00

Post Date: May 2, 2020
The Financial Reporting Council invites UKSA and ShareSoc members to attend an online discussion on the Endorsement Board on Tuesday 5thMay 15:30 -17:00 on Microsoft Teams. The UK Government is committed to the continued use of IFRS after EU exit to ensure transparency and international comparability of financial statements, and the efficient allocation of capital, including the smooth functioning of capital markets in the United Kingdom.  This event will provide an update for investors on the endorsement of IFRS for use in the ...
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Dividends Slashed, Investing for Income, NMC Health and Finablr

Post Date: April 30, 2020
Many companies are announcing cancelled, reduced or postponed dividends – two of the latest were Shell (RDSB) and Sainsburys (SBRY). This will hit investors hard who rely on dividends for retirement income. But should they be doing so? Terry Smith of Fundsmith had an article published in the Financial Times today under the headline “Investors: never let a crisis go to waste” in which he attacks income funds. In particular he questions whether the Investment Association should allow funds with “income” in ...
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Stock Market Trends, Covid-19 Treatments, Burford Results, Lookers Accounting and Medica

Post Date: April 28, 2020
The stock market seems to be returning to normal with a positive trend over the last month despite the economy being in a complete shambles as a result of the “lock-down”. The Government is incurring massive costs to bail-out companies, support the NHS and pay workers to do nothing. We have yet to see the real economic impact of those measures on the Government’s finances. But investors seem to be euphoric because they now realise we are not all going to ...
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Communicating with Shareholders in Covid times

Post Date: April 17, 2020
The FRC have prepared this infographic about communicating Covid-19 impacts to shareholders (click to view larger image). Online Q&A forums and live streaming of AGMs are good ideas. However, individual investors are an important constituency in this, but not properly considered in the new guidance on AGMs. Shareholders will want to question directors about the impact of coronavirus and its implications on the company liquidity and solvency and will want reassurance about these and the ongoing business model. Never has the importance of ...
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FRC, FCA and PRA Joint Statement 26 March 2020

Post Date: March 27, 2020
I notice the market has just dipped below 5,600 so clearly most people are not very worried by this FRC, FCA and PRA announcement. Nevertheless I would point out...
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NMC Debacle

Post Date: March 1, 2020
Trading in the shares in NMC Health (NMC) was suspended on Thursday and a formal investigation by the FCA was announced. The suspension announcement said that the company has...
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Competition in the Audit Market

Post Date: February 19, 2020
I attended a “roundtable” event at the Financial Reporting Council (FRC) on Monday. It was primarily a discussion of audit market competition and how to improve it, with private...
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Brydon Audit Review and FRC Update

Post Date: December 20, 2019
Readers probably don’t need to be reminded of the poor reputation of auditors and accountants. The announcement yesterday from Staffline Group (STAF) reiterates the point. They note the latest...
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FRC Fines Grant Thornton £650k, Ted Baker and Tullow

Post Date: December 12, 2019
A ShareSoc member emailed us to give his view: This is terrible. Why wouldn’t the FRC name the partner and the company involved, especially when Grant Thornton has been...
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M&G Property Fund Closed and M&C Saatchi Accounting Problems

Post Date: December 9, 2019
The really bad news yesterday for many investors was that the £2.5 billion M&G Property Portfolio Fund had been closed to redemptions. This is of course an open-ended fund...
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Ted Baker Audit Failure, SRT Marine Big Deals

Post Date: December 3, 2019
The bad news this morning for holders of retailer Ted Baker (TED) is that the company has announced an independent review of its inventory. It says it has identified...
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De La Rue, Excessive Debt, Victoria and Link’s Debt Monitor

Post Date: November 29, 2019
Link Asset Services have issued a note pointing out that De La Rue (DLAR) has net debt that now exceeds its market cap. The high debt in the company...
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