Newswire February 2022

FRC guidance on auditor climate related reporting responsibilities

The FRC has published a new FRC Staff Guidance, Auditor responsibilities under ISA (UK) 720 in respect of climate related reporting by companies required by the Financial Conduct Authority. The guidance note sets out information for auditors that may assist them in determining their responsibilities under ISA (UK) 720 in their audits of financial statements of companies that are required to include climate-related disclosures consistent with the Taskforce on Climate-related Financial Disclosures (TCFD) Recommendations and Recommended Disclosures. It also includes a brief reminder of auditor’s responsibilities under ISA (UK) 720 in respect of the company’s Streamlined Energy and Carbon Reporting (‘SECR’) disclosures.

FRC three-year Plan and Budget to prepare for the transition to ARGA

The FRC has published its three-year plan for 2022-25. The three-year plan acknowledges the FRC’s continued commitment to being an effective and transparent regulator as it prepares to transition to the Audit, Reporting and Governance Authority.

January 2022 editions of UK and Ireland accounting standards issued

The FRC has issued January 2022 editions of UK and Ireland accounting standards including FRS 102 and FRS 105. These editions reflect the amendments made since the previous editions were issued in 2018, as well as changes in Irish company law, resulting in a single up‑to‑date reference point for each standard.

Charity Commission report criticises former trustees of Kids Company

A report has found that Kids Company operated a “high risk business model”, characterised by a heavy dependence on grants and donations, reliance on a key individual for fundraising, low reserves, and a demand-led service. The regulator has made a formal finding of “mismanagement in the administration of the charity” over its repeated failure to pay creditors, including its own workers and HMRC, on time. The report also highlights that that there are lessons for charities, and for the regulator itself, to learn.

TAXATION

HMRC issued more guidance on SA penalty deferral

HMRC has issued more guidance on SA penalty deferral. 

HMRC update tax credit rates

HMRC has published rates and allowances for tax credits, Child Benefit and Guardian's Allowance for 2022. 

What to do when someone dies: step by step

HMRC has published a step-by-step guide on what to do after someone dies - how to register the death, notify government departments and deal with the estate.