This week the UK’s Financial Reporting Council (FRC) announced their plan for the first structural overhaul of the big four accounting firms since the failure of Carillion in 2018 prompted calls for audit regulation reform.
The UK’s Financial Conduct Authority (FCA) recently announced the launch of their new user-friendly data collection platform, RegData.
In December 2019, Sir Donald Brydon recommended improvements to the Internal Controls over Financial Reporting (ICFR) as part of a reform agenda in UK audit. More effective ICFR could provide management and users of financial statements with better quality information and facilitate better decision-making. A new ICAEW report explores the scope of a future UK […]
In difficult times like these it is especially useful for firms to have a clear picture of any upcoming regulatory changes that they need to prepare for. That’s why several of the UK’s regulatory authorities have launched the Regulatory Initiatives Grid initiative, designed to act as a roadmap which will help financial firms prepare for […]
As the UK continues to increase mandatory environmental disclosure requirements, Companies House and the Financial Reporting Council (FRC) have released a new XBRL taxonomy making it easier for firms to comply.
Climate issues seem to be… well… hot. This week the UK’s Financial Reporting Council (FRC) announced a major review of how companies and auditors assess and report on the impact of climate change. The review will assess to what extent existing reporting requirements, including recommendations for companies to report in line with the TCFD framework, are […]
The Bank of England has now published an updated taxonomy (v1.1.0) and associated validation rules for forms AS and FV, which represent key aspects of the bank’s statistical data collection in XBRL. Read more here.
Machine learning (ML) has been touted as set to transform the financial landscape – but is this hype or reality? A recent Bank of England survey indicated that machine learning – including live projects using complex methods such as natural language processing – are increasingly common in the UK. The data shows that a third […]
The Bank of England and Prudential Regulation Authority (PRA) are seeking comment on plans to publish quarterly, aggregated data on the UK Insurance market. Recognising the value of the breadth and depth of data contained in the regular structured disclosures required by Solvency II, the PRA hope to improve analysis and insight in the insurance […]
The US aren’t the only ones turning their attention to data this year: earlier this month the UK’s Financial Conduct Authority (FCA) and the Bank of England announced proposals for data reforms across the UK financial sector. With technology changing the nature of the markets they regulate, both authorities have issued plans designed to develop […]