Recent news
In October 2020 the FRC issued a discussion paper on the Future of Corporate Reporting. The paper focuses primarily on the annual report but includes other periodic reporting and raises fundamental questions about its 'fitness for purpose' in today's world. Further 'tweaks', the FRC concludes, are unlikely to address valid concerns. The time has…
The UK Treasury has recently been reviewing the UK Listing rules. The Coronavirus pandemic and Brexit helped to fuel a sell-off in London listed stocks in the twelve months to January 2021. The FTSE 100, for example, fell more than 14% last year, making it the worst performing of the large international stock indices. However, the London market…
On Friday 29 January UKSA and ShareSoc responded to the FRC’s consultation on the proposed revisions to the UK audit standard on an auditor’s responsibilities relating to fraud.
UKSA has delivered a 77-page analysis in response to the Financial Conduct Authority's 'Call for Input'. In their words: “We need the system as a whole, including regulation, to work better for consumers.”
The IFRS Foundation has requested views on the IASB’s discussion paper. UKSA and ShareSoc provided a joint response on the 31st December 2020.
Disclosures
Our views are that we:
UKSA and ShareSoc Policy Directors tell FCA they should not delay the implementation of ESEF
Continuing a process initiated last year at UKSA's request, the FRC held five “Lifting the lid on the FRC 2020” virtual meetings on consecutive afternoons to discuss issues of concern to private investors.
We recently worked with Business and Industry on the 2020 Money Management campaign. A printed publication was enclosed within every copy of the Guardian newspaper on 15 September 2020 and the content is available online at https://bit.ly/3jCKDKZ and https://bit.ly/3bUwuX7.
Capital Gains Tax and Stamp Duty
The Office of Tax Simplification (OTS) has recently been consulting on Capital Gains Tax and Stamp Duty. UKSA and ShareSoc have submitted joint responses to each of these consultations.
Capital Gains Tax (CGT)
Our view is that CGT:
UKSA and ShareSoc have jointly responded to a consultation from HM Treasury on proposals for revised procedures for approving financial promotions by individuals and firms that are not authorised by the FCA.
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