Beyond Compliance: Technical & Advisory Insights

Section 155(1) of the Companies Act 2006 requires every company in the UK to have at least one director who is a natural person. Effectively this has plugged a major loophole in the company form of business structure where enterprising businessmen could shirk the director’s responsibilities by appointing corporate directors.

The First Delegated Legislation Committee of the House of Commons has approved the recent enactment of Extra-Statutory Concessions Order 2012 giving legislative effect to six extra-statutory concessions (ESCs), including ESC C16 ( http://www.taxpartnersuk.com/news_detail.php?news_id=76 ), which covers the tax treatment of distributions to shareholders when a small company is dissolved. With

Depending on what the purpose is, a business plan could take different forms. The emphasis would change depending on whether the business plan is for a start up one or for an existing business. Typically an existing business planning to raise money would include the following in its business plan:

The Financial Reporting Council (FRC) is an independent UK regulator responsible for promoting quality corporate governance and reporting, and for the oversight of the accounting and actuarial professions. It is currently an amalgamation of several organisations consisting of seven different bodies namely: – Accounting Standards Board – Auditing Practices Board

International Accounting Standards Board (IASB), the body that sets International Financial Reporting Standards (IFRS), issued a ‘practice statement’ on 08 December 2010 titled ‘Management Commentary’. It is not a standard nor is it binding on business entities that follow IFRS. Non-compliance with the Practice Statement will not mean the entity’s

The International Accounting Standards Board (IASB) has issued amendments to IFRS 7 Financial Instruments: Disclosures. The amendments seek to help users of financial statements improve their understanding of transfer transactions involving financial assets including possible effects of any risks remaining with the transferor entity after the transfer. Broadly aligning the

International Accounting Standards Board has issued an Exposure Draft proposing amendments to IFRS 1 FIRST-TIME ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS. The amendments provide guidance on how in accordance with IFRSs an entity should resume presenting financial statements after a period when it was unable to comply with IFRSs because

The International Accounting Standards Board (IASB) has published an exposure draft proposing a limited amendment to ‘IAS 12 Income Taxes’. Currently the standard requires that the measurement of deferred tax liabilities and deferred tax assets should reflect the tax consequences that follow the manner in which an entity expects to

International and American accounting standards boards have jointly proposed an overhaul of the current international lease accounting standard IAS 17 in their exposure draft ‘ED 2010/9 Leases’. The proposals seek to significantly alter the way lease contracts are accounted for by both the lessees and lessors. The current distinction between