What’s new for FDs in 2011

Friday, May 06, 2011 | Posted by: Fiona Cullinan
Categories: FRC, Governance, Thought Leadership | Tags: governance, report, pensions, FD, CFO, finance director, Bribery Act, financial reporting, guide, anti-corruption, IFRS, news, UK GAAP, iXBRL, regulatory, auto-enrolment

Are you a finance director? Here’s a quick guide to all the new financial reporting issues and regulatory changes set to impact private and listed companies this year.

Grant Thornton has just published an 11-page ‘highlights’ guide to keep finance directors up to date on the main issues relevant to FDs in 2011 – in financial reporting, governance, anti-corruption legislation and other areas.

Download the guide here or read on to find out what’s covered. The report is divided into two main sections:

1. FINANCIAL REPORTING

• Financial Reporting Review Panel key areas of interest – a look at the main considerations and questions of FRRP requirements.
• Changes to IFRS – covering a list of amendments, timescales and key FD considerations.
• On the horizon for IFRS preparers – looking ahead to International Accounting Standards Board (IASB) changes that have yet to be adopted by the EU.
• Standards still in development by IASB – IASB projects now in development or likely to be issued in 2011.
• Changes to UK GAAP – resulting from convergence with IFRS, but some also carry specific implications for application in the UK.
• On the horizon for UK GAAP preparers – on the proposed Financial Reporting Standard for Medium-sized Entities (FRSME) for UK companies that are not publicly accountable.

2. REGULATORY CHANGES

• The Bribery Act 2010 – what are the key aspects of the imminent UK Bribery Act to consider?
• Governance – changes to the UK Corporate Governance Code include new guidelines on board balance and diversity, including gender.
• Pensions Auto Enrolment –  issues surrounding the requirement to enrol employees automatically into a pension scheme.
• iXBRL – getting ready for the compulsory online filing of corporate tax returns in iXBRL format (Inline Extensible Business Reporting Language).

You can download the full report here.

You might also find these posts useful:

* Six ways to improve your principal risk reporting
* How to get noticed as an outstanding FD (and get the top jobs)
* When corporate hospitality could equate to bribery and other new risks arising from Bribery Act