The Accountant — a daily ledger of accounting, controls & regulation

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July 2026: IFRS 20 Regulatory Assets and Regulatory Liabilities

IFRS 20 is a new standard affecting utility and regulated-rate entities; this episode walks through the accounting model with IASB technical input.

pwc · 29 jul

5187 28 jul icaew Bringing leases on balance sheet: common pitfalls and issues ICAEW practical guidance on FRS 102 lease-accounting implementation; identifies real initial-application pitfalls for a recently mandated standard. ▪ read

5153 28 jul frc Sanctions against Ernst & Young LLP and Ms Julie Carlyle FRC enforcement action against a Big 4 auditor and partner; relevant precedent for audit quality, independence, and regulator expectations even outside UK.

4852 23 jul frc FRC Annual Enforcement Review highlights lessons to strengthen audit market FRC enforcement patterns and findings inform audit quality risks and common control failures relevant to group audit oversight and audit committee governance.

4411 16 jul frc Sanctions against PricewaterhouseCoopers LLP and Mr John Waters UK audit enforcement case against Big 4 firm; instructive precedent on audit partner accountability and PwC control environment for groups with UK operations.

4365 16 jul frc Sanctions against PricewaterhouseCoopers LLP and Mr John Waters FRC enforcement decision against a Big 4 firm — informs auditor quality standards and reminds audit committees of regulator expectations on audit rigour.

4070 11 jul esma New Q&As available ESMA released guidance clarifying three EU financial regulations covering notifications, scope, custody, and market infrastructure for firms operating EU securities entities.

4015 10 jul the national Vashi jeweller accountant blacklisted over 'fictitious' £157m diamond hoard An accounting scandal involving fake diamonds highlights gaps in audit procedures for verifying high-value assets and assessing financial risks.

3957 10 jul gulf news Confused about UAE corporate tax? FTA answers 15 common business questions FTA clarification of 15 common corporate tax questions. Direct source material for UAE entities filing under the new regime. ▪ read

3662 6 jul the national UAE Central Bank fines foreign bank Dh1.8m for regulatory breach CBUAE enforcement action signals tightened compliance expectations on procedural timelines for foreign bank branches operating in the UAE.

3624 6 jul grant thornton IFRS 16 – Sale and leaseback accounting Big 4 worked guidance on IFRS 16 sale-and-leaseback accounting—a high-frequency issue in corporate structuring and refinancing. ▪ read

3623 6 jul grant thornton IFRS 16 - Sale and leaseback accounting Big 4 technical paper on a common transaction type (sale-leaseback) under a core standard. Useful reference for deal structuring and accounting judgements.

3414 2 jul frc Sanctions against Forvis Mazars LLP and Mr David Allen FRC audit enforcement sanction. Useful precedent on auditor conduct standards and firm liability, though UK-specific.

3389 2 jul esma Moody's Germany fined EUR 2,145,000 for misreporting to ESMA German credit rater Moody's paid €2.1 million after failing to properly report data to EU regulators, highlighting risks in compliance and internal control gaps.

3351 2 jul frc Sanctions against Forvis Mazars LLP and Mr David Allen The FRC sanctioned Forvis Mazars LLP and David Allen; firms should examine the case to identify audit quality risks and prevent similar control failures.

3269 1 jul ias plus IASB Work Plan Update IASB work plan clarifies upcoming standard projects and timeline. Useful for tracking which new standards or amendments are in flight and their expected completion dates.

3252 1 jul ias plus EBA issues opinion on the implementation of IFRS 18 EBA guidance on IFRS 18 implementation for banks; relevant for treasury and consolidation treatment of financial instruments. ▪ read

3169 30 jun grant thornton Insights into IFRS 15 Big 4 deep-dive on a core IFRS 15 technical question; useful reference for revenue recognition judgements.

2834 24 jun the national UAE Central Bank fines foreign bank Dh20m for breaching money laundering rules CBUAE enforcement action signals tightening AML compliance expectations and reporting-officer accountability; patterns of similar penalties inform internal control assessment.

2827 24 jun khaleej times UAE imposes Dh20-million fine on foreign bank for repeated violations UAE regulator enforcement action on a bank operating in the UAE. Provides context on compliance expectations and breach patterns relevant to internal audit and controls.

2696 23 jun frc Sanctions against King & King and Mr Milankumar Patel FRC enforcement action against audit firm and partner; precedent on audit quality standards and auditor accountability.

1989 12 jun the national UAE corporate tax: How one company's bonus could set a precedent Emirates bonus announcement may informally shape FTA interpretation of reasonable employee compensation deductibility. Worth monitoring for transfer pricing and tax-planning implications in your jurisdiction.

1891 11 jun frc Investigations into the conduct of individual accountants, auditors and firms in relation to Market Financial Solutions and connected companies FRC investigation into auditor and accountant conduct signals potential breach of professional standards; comparable cases inform judgement on similar risk areas.

1811 10 jun frc Investigation regarding the conduct of a Member in relation to P&O Ferries Division Holdings Limited FRC enforcement action against an audit firm member over P&O Ferries audit conduct; informs judgement on auditor independence and engagement quality expectations.

1725 9 jun frc Investigation regarding an audit of WH Smith plc by PricewaterhouseCoopers LLP FRC audit investigation signals potential audit quality or judgement issues; informs assessment of similar high-profile client audits and auditor governance.

1170 1 jun ias plus IASB finalises amendments to the fair value option for investments in associates and joint ventures IASB clarifies fair value option rules for associates/JVs under IAS 28, directly affecting IFRS 18 transition calculations for equity-accounted investments. ▪ read

1059 29 may grant thornton Presentation and disclosure of share-based payment transactions Big 4 guidance on IFRS 2 presentation and disclosure — relevant if your group has material share-based compensation plans.

0955 28 may frc Sanctions against BDO LLP and Geraint Jones UK regulator sanctions against major audit firm and partner; relevant precedent for audit quality expectations and enforcement risk assessment.

0743 24 may the national Who's in charge? Understanding control in UAE corporate tax FTA clarifies substance-over-form test for director and officer roles in connected-party deductions under UAE corporate tax—directly affects transfer pricing compliance and disclosure obligations. ▪ read

0203 17 may icaew UKEB seeks stakeholder engagement on the draft endorsement assessment of IFRS 18 UK endorsement of IFRS 18 is in public comment phase. Material if your group reports under UK-adopted standards or plans a UK subsidiary transition.

0070 10 may uae mof Ministry of Finance announces targeted amendments to eInvoicing system decisions The UAE eInvoicing deadline extension requires accounting service providers to update their compliance schedules and track new implementation dates. ▪ read

0030 1 may frc Findings in relation to Mr Adam and Mr Khan, and confirming enforcement action against three further individuals FRC enforcement action against senior finance officers for accounting failures provides instructive precedent on director duties and integrity standards.

0021 30 apr grant thornton Example Interim Condensed Consolidated Financial Statements 2026 Big 4 worked example showing current IFRS interim reporting format and disclosures—useful reference for drafting your own interim statements.

0018 29 apr grant thornton Classification of income and expenses in the statement of profit or loss Big 4 technical deep-dive on IFRS 18 classification rules—essential reading for P&L restructuring and restatement planning ahead of mandatory adoption. ▪ read

0012 27 apr grant thornton Principal versus agent considerations Big 4 deep-dive on a persistent IFRS 15 application question; resolves real classification disputes in practice. ▪ read

0011 24 apr grant thornton Example Sustainability-related Financial Disclosures 2025 Big 4 worked examples on IFRS S1/S2 application — clarifies practitioner questions on metric selection and disclosure sequencing. ▪ read