Financial and corporate reporting updates

IFRS 18: Just presentation and disclosure?

IFRS 18 primarily introduces changes to the way financial performance is presented and disclosed, with the objective of enhancing comparability and transparency for investors and other stakeholders. Drawing on emerging interpretation issues and implementation experience, this article examines the areas generating the most questions in practice and the implications for entities preparing for transition.

IFRS 18 - the devil is in the detail (again)

Whenever a new IFRS accounting standard is introduced “the devil is in the detail” is an oft-repeated refrain and usually with good reason. It is arguably just as true of IFRS 18 Presentation and Disclosure in Financial Statements (effective for periods beginning on or after 1 January 2027) as it is any other accounting standard issued in recent times.

FRC guidance on materiality

The Financial Reporting Council (FRC) has published insights and guidance on the application of materiality in corporate reporting.

Insurance reporting: cyber risk disclosures

Pressures around cyber resilience are not new for insurers. This is because firms’ vulnerability to cyber-attacks comes not only from the sensitive data that they hold, but also from the growing cyber insurance business line.

Insurance corporate reporting AI

As Artificial Intelligence (AI) adoption continues to grow in the Insurance sector, firms need to be prepared for possible changes in the corporate reporting environment.

Beyond the annual audit

Businesses in the UK are navigating constant change. With new regulations, shifting markets and increasing stakeholder pressures, the annual audit cycle can easily become a once a year afterthought.

First‑time audit readiness

Going through a statutory audit for the first time is a significant milestone. For many, the process will feel unfamiliar and at times, overwhelming. But with the right preparation, a statutory audit becomes a valuable step forward rather than a disruptive obstacle.

From TCFD to UK SRS S2

The FCA has issued a consultation proposing that UK-listed companies will be required to report under UK SRS, the UK’s adaptation of the International Sustainability Standards Board’s (ISSB) standards from 2027. UK SRS currently consists of two standards: SRS S1, which covers general sustainability requirements and SRS S2, which is specifically on climate risk.

FRS 102 revenue recognition

Amendments to FRS 102 Section 23 Revenue from Contracts with Customers are hugely significant for companies entering long‑term contractual arrangements. As the UK and Irish GAAP revenue‑recognition standard, Section 23 requires revenue to be recognised in a manner that reflects the transfer of goods or services to customers.

Insurance corporate reporting IFRS 18

For the last few years, insurers have operated within a relatively stable financial reporting environment. That stability is set to shift. The future of insurance reporting will be shaped by new accounting standards and an evolving risk landscape, both of which are expected to drive meaningful change across the industry.

FRS 102 practical implementation series

With the implementation of FRS 102 now underway, many organisations find that challenges lie not just in the technical accounting but also in ensuring the project moves smoothly without unnecessary delays.

Insurance corporate reporting IFRS 17

IFRS 17 ‘Insurance Contracts’ post-implementation review and IFRS 18 ‘Presentation and Disclosure in Financial Statements’ implementation are fast approaching, and pressures around cyber resilience, AI adoption, and climate-related disclosures continue to grow. Together, these shifts are reshaping how insurers explain performance, manage risk, and meet rising regulatory and stakeholder expectations.

Interest Rate Risk Management

The International Accounting Standard Board (IASB) has published proposals to replace existing IAS 39 macro-hedge accounting requirements and intends to withdraw IAS 39 in its entirety. In addition new disclosure requirements about interest rate management activities are being proposed to be mandated.

UK adopts SRS S1 and S2

The UK Government has announced the endorsement of the UK version of the IFRS Foundation’s Sustainability Reporting Standards (UK SRS) with immediate effect. This will provide a framework for companies to report on a voluntary basis. This sits alongside the FCA’s consultation to finalise UK Listing Rules around the mandatory adoption of UK SRS S2 to replace TCFD.

FCA proposes mandatory sustainability reporting

UK sustainability reporting & assurance response

In a busy period over the summer, we have responded to a series of much anticipated consultations by the UK government and FRC regarding sustainability reporting and assurance, covering endorsement of reporting and assurance standards, requirements around transition plan reporting and early ideas for an assurance oversight regime for sustainability assurance.

Cyber risks are disclosed on annual reports

Investors and other stakeholders want to understand how cyber and other digital risks affect an organisation and the governance processes in place to manage these risks. We provide top tips for effective reporting on cyber risks by financial institutions in their annual report and accounts.

Monitoring trustee insights on divestitures

Our monitoring trustee team contributed a chapter to the Sixth Edition of Global Competition Review’s Merger Remedies Guide, titled “Overcoming hurdles: insights from a monitoring trustee on effective divestiture implementation”.

Navigating Debt Modifications under FRS 102

In today's unpredictable economic landscape, businesses are not just grappling with slow growth, high interest rates and geopolitical uncertainties - they are navigating a minefield of financial decisions that could make or break their future.

When is a lease not a lease under FRS 102?

A lease is a legal or contractual arrangement in which the owner of an asset grants the use of that asset to another party in exchange for some form of remuneration. Under the Financial Reporting Council (FRC) amendments to FRS 102, the definition of a lease has changed and given the changes to lease accounting, lease classification is more critical than ever.

FRS 102 lease accounting changes 2026

The Financial Reporting Council (FRC) has issued comprehensive improvements to FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. These include amendments to Section 20 Leases, which will be effective for periods beginning on or after 1 January 2026.

FRS 102 revenue accounting changes 2026

The Financial Reporting Council (FRC) has made changes to Section 23 Revenue, as part of its improvements to FRS 102. These changes will take effect for periods starting on or after 1 January 2026.

Prepare for the upcoming FRS 102 changes

FRS 102 is the principal financial reporting standard for entities in the UK and the Republic of Ireland, which is applicable for small, and medium and large-sized enterprises that do not apply IFRS or FRS 101.

Economic Crime & Corporate Transparency Act update

The UK government has introduced the Economic Crime and Corporate Transparency Act to strengthen corporate transparency and combat economic crime. This Act establishes a comprehensive framework aimed at enhancing corporate governance and accountability across the board.

Interim reporting

As we progress through 2025, the interim reporting season becomes increasingly critical. Our overview delves into the evolving macroeconomic landscape and significant legal and accounting updates, focusing on their implications for the interim statements that businesses must prepare.

Achieving audit readiness

Entering an audit without proper preparation can lead to significant delays and increased costs, putting unnecessary strain on your finance team. With evolving financial reporting standards and a growing emphasis on documentation quality, ensuring your business's audit readiness is more crucial than ever.

Company size threshold changes

In December, the government published new legislation to change the thresholds of a company to take effect for accounting periods commencing from 6 April 2025.

Year end reporting: Evolution not revolution

In the ever-changing business landscape, we uncover what is new in front-end annual reporting, the greater focus on smaller companies by the CRR and what’s changed in climate reporting.