An Organisation for all
Accountants in Practice

 Applicable Dates for Technical Accounting Updates

 By The HAT GroupThe HAT Group

APPLICABLE DATES FOR TECHNICAL UPDATES - COMPANY LAW

This is an aide-memoire to act as a reminder for when new standards and legislation are effective from.

It does not provide an exhaustive list of all matters to be considered - the relevant standard or legislation should be fully consulted for additional details.

For further information, refer to the relevant website at www.legislation.gov.uk or www.bis.gov.uk

Source

Applies from

Effective for?

Details

Early adopt

Exemptions?

SI 2011/2198

01-Oct-11

Periods commencing

The Companies (Disclosure of Auditor Remuneration and Liability Limitation Agreements)(Amendment) Regulations 2011

No

None

SI 2012/2301

01-Oct-12

Periods ending

The Companies and Limited Liability Partnerships (Accounts and Audit Exemptions and Change of Accounting Framework) Regulations 2012 [Extension of audit exemption to small companies / groups, and to subsidiary undertakings where an EEA parent guarantees the liabilities of the UK company]

No

None

SI 2013/999

30-Apr-13

Effective date

The Companies Act (Amendment of Part 18) Regulations 2013 [Simplifies mechanism by which a company can acquire its own shares]

No

None

SI 2013/1970

30-Sep-13

Periods ending

The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 [Introduced Strategic Report for non-small companies and amended audit report wording for audited companies]

No

Small companies

SI 2013/3008

30-Sep-13

Periods ending

The Small Companies (Micro-Entities’ Accounts) Regulations 2013 [Introduced new financial reporting regime for micro-entities]

No

Only micro-entities can apply requirements

SI 2014/1602

11-Jul-14

Effective date

The Companies (Striking Off)  (Electronic  Communications) Order 2014 [Enables Registrar of Companies to send documents relating to striking off a company electronically]

No

None

SI 2014/3140

31-Jan-15

Effective date

The Company, Limited Liability Partnership and Business Names (Sensitive Words and Expressions) Regulations 2014 [Reduces number of "sensitive words" which cannot be included in a company / LLP name]

No

None

SI 2014/3209

01-Jan-15

Periods commencing

The Reports on Payments to Governments Regulations 2014 [Requirement to make disclosures of certain payments to Governments if the company is large / public, and  involved in extractive or primary logging industries]

No

Any company which is  not large / public and involved in extraction / logging

SI 2015/980

01-Jul-15

Financial                     statements approved

The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 [Removes exemption from including subsidiaries with Annual Return rather than in notes to financial statements]

No

None

SI 2015/980

01-Jan-16

Periods commencing

The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 [Amends small company disclosure requirements and increases small company thresholds / audit thresholdsfor companies]

Yes

None

 

APPLICABLE DATES FOR TECHNICAL UPDATES - AUDITING STANDARDS

This is an aide-memoire to act as a reminder for when new standards and legislation are effective from.

It does not provide an exhaustive list of all matters to be considered - the relevant standard or legislation should be fully consulted for additional details.

For further information, refer to the relevant website at www.frc.org.uk

Source

Applies from

Effective for?

Details

Early adopt

Exemptions?

International                      Standards on Auditing

15-Dec-10

Periods ending

ISAs 200, 210, 220, 230, 240, 250, 260, 265, 300, 315,

320, 330, 402, 450, 500, 501, 505, 510, 520, 530, 540,

550, 560, 570, 580, 600, 610, 620, 700, 705, 706, 710,

720

No

None

ISQC 1

15-Dec-10

Periods ending

Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements

No

None

Practice Note 26

15-Dec-10

Periods ending

Guidance for Smaller Entity Audit Documentation

No

None

APB Bulletin 2010/1

01-Feb-10

Immediately

XBRL Tagging of information in audited financial statements

N/A

None

Practice Note 12

22-Sep-10

Immediately

Money laundering

N/A

None

Ethical Standard 5

30-Apr-11

From application date

Non-audit services provided to audited entities ~ need to provide more consideration to ratio of non-audit fees to audit fees

No

Can adopt existing rules for periods commencing on or before 31 December 2010

APB Bulletin 2010/2

15-Dec-10

Periods ending

Illustrative Audit Reports on UK Private Sector Financial Statements

No

None

ISA 700 (Revised)

23-Mar-11

Periods ending

The Auditor's Report on Financial Statements ~ amends "scope of the audit" in audit reports

No

None

APB      Bulletin           2010/2 (Revised)

23-Mar-11

Periods ending

Illustrative Audit Reports on UK Private Sector Financial Statements ~ to reflect revision to ISA 700

No

None

Ethical Standard 1

31-Dec-10

Periods commencing

Integrity, Objectivity and Independence [Inclusion of new Appendix for use when writing to listed companies]

No

Companies that are unlisted

Practice Note 16

22-Feb-11

Immediately

Bank reports for audit purposes

N/A

None

Practice Note 25

22-Feb-12

Immediately

Attendance at stocktaking

N/A

Entities that do not hold stock

International                      Standards on Auditing

01-Oct-12

Periods commencing

ISAs 260, 700, 705, 706, 720A [To reflect proposals in "Effective Company Stewardship: Next Steps" which refect amendments to the UK Corporate Governance Code and Guidance for Audit Committees]

No

None

ISA 700 (Revised)

01-Oct-12

Periods commencing

The Independent Auditor's Report on Financial  Statements ~ reflects updated UK Corporate Governance guidance, and includes extended "scope of the audit" wording

Yes

None

 

ISA 315 / 610

15-Jun-14

Periods ending

Prohibition  of  use  of  internal  audit  staff on the external

audit team

No

Entities   that   do   not    utilise

internal auditors

Ethical Standard 5

31-Dec-14

From application date

Contingent fees for certain tax services

Yes

None

International                      Standards on Auditing

01-Oct-14

Periods commencing

ISAs 260, 570, 700 [To reflect amendments to the UK Corporate Governance Code, including in respect of risk and going concern disclosures]

No

Companies that do not apply the UK Corporate Governance Code

 

 

APPLICABLE DATES FOR TECHNICAL UPDATES - CHARITIES

This is an aide-memoire to act as a reminder for when new standards and legislation are effective from.

It does not provide an exhaustive list of all matters to be considered - the relevant standard or legislation should be fully consulted for additional details.

For further information, refer to the relevant website at www.frc.org.uk or www.charity-commission.gov.uk

Source

Applies from

Effective for?

Details

Early adopt

Exemptions?

Practice Note 11

15-Dec-10

Periods ending

The Audit of Charities

No

None

Charities Act 2011

14-Mar-12

From effective date

"Consolidation" of existing legislation ~ no changes of substance

No

None

Practice Note 11

14-Mar-12

From effective date

The Audit of Charities [Updated to reflect provisions of Charities Act 2011]

No

None

APB Bulletin 2010/2

14-Mar-12

From effective date

Illustrative Audit Reports on UK Private Sector Financial Statements [Updated to reflect provisions of Charities Act 2011]

No

None

ISA (UK & Ireland) 700

01-Oct-12

Periods commencing

The Independent Auditor's Report on Financial  Statements [Extension of the 'scope of the audit' paragraph in the audit report]

No

Charities which are not audited

SI 2012/3012

03-Jan-13

From effective date

The Charitable Incorporated Organisations (General) Regulations 2012 [Enacts legislation  to enable CIOs to  be established]

No

None

SI 2014/242

31-Mar-14

From effective date

The Charities (Exception from Registration) (Amendment) Regulations 2014 [Extends excepted from registration for churches to register with the Charity Commission until 31 March 2021]

No

Charities that are not churches

SORP    (FRS             102)       / SORP (FRSSE)

01-Jan-15

Periods commencing

Accounting and Reporting by Charities: Statement of Recommended Practice

No

Various disclosures for audit- exempt charities

SI 2015/321

31-Mar-15

Periods ending

The Charities Act 2011 (Accounts and Audit) Order  2011

[Increase in audit exemption threshold to £1,000,000]

No

None

SI 2015/322

31-Mar-15

Periods ending

The Charities Act 2011 (Group Accounts) Regulations 2015    [Increase    in    threshold    for    consolidation   to

£1,000,000]

No

None

 

APPLICABLE DATES FOR TECHNICAL UPDATES - PENSIONS

This is an aide-memoire to act as a reminder for when new standards and legislation are effective from.

It does not provide an exhaustive list of all matters to be considered - the relevant standard or legislation should be fully consulted for additional details.

For further information, refer to the relevant website at www.frc.org.uk or www.prag.org.uk

Source

Applies from

Effective for?

Details

Early adopt

Exemptions?

Practice Note 15

15-Dec-10

Periods ending

The Audit of Occupational Pension Schemes in the  United Kingdom

No

None

ISA (UK & Ireland) 700

01-Oct-12

Periods commencing

The Independent Auditor's Report on Financial  Statements [Extension of the 'scope of the audit' paragraph in the audit report]

No

Pension schemes which are not audited

SORP

01-Jan-15

Periods commencing

Statement of Recommended Practice

Yes

Schemes       not                  required                  to produce financial statements

 

APPLICABLE DATES FOR TECHNICAL UPDATES - CLIENT MONEY ASSIGNMENTS

This is an aide-memoire to act as a reminder for when new standards and legislation are effective from.

It does not provide an exhaustive list of all matters to be considered - the relevant standard or legislation should be fully consulted for additional details.

For further information, refer to the relevant website shown below:

Source

Applies from

Effective for?

Details

Early adopt

Exemptions?

SRA ACCOUNTS RULES (www.sra.org.uk)

SRA    Accounts           Rules 2011 (Version 1)

06-Oct-11

Immediately

Replacement of SAR 1998 with a new set of Rules; in practice there are no changes of substance

N/A

None

SRA    Accounts           Rules 2011 (Version 2)

23-Dec-11

Immediately

Cosmetic changes

N/A

None

SRA    Accounts           Rules 2011 (Version 3)

23-Apr-12

Immediately

Cosmetic changes, including definitions being removed from Rule 2 into a separate Glossary

N/A

None

SRA    Accounts           Rules 2011 (Version 7)

01-Apr-13

Immediately

Cosmetic changes (note that Versions 4 / 5 / 6 made no amendments to the SRA Accounts Rules 2011)

N/A

None

SRA    Accounts           Rules 2011 (Version 8)

01-Oct-13

Immediately

Amendment to wording within Rules to reflect  replacement of Legal Services Commission  with  Legal Aid Agency

N/A

None

SRA    Accounts           Rules 2011 (Version 12)

31-Oct-14

Periods ending

Removal of requirement for solicitors with only Legal Aid client money receipts to obtain Accountant's Report, and for only qualified reports to be submitted to SRA. De- minimis write-off increased from £50 to £500 (note that Versions 9 / 10 / 11 made no amendments to the SRA Accounts Rules 2011)

N/A

Firms that only have Legal Aid receipts in client account do  not have to obtain an Accountant's Report

SRA    Accounts           Rules 2011 (Version 15)

01-Nov-15

Periods ending

Removal of requirement for solicitors to obtain Accountant's Report if average client account  balance less than £10,000, and maximum client account balance less than £250,000.

No

None

 

FINANCIAL CONDUCT AUTHORITY HANDBOOK (www.fca.org.uk)

SUP 3.10 / SUP 3.11

30-Sep-11

Periods ending

Amendment to format of Client Assets Report, including signature personally by individual with responsibility within the audit firm. Report now requires a Breaches Schedule which should be commented upon by the client

01-Jun-11

None

APB Bulletin 2011/2

30-Sep-11

Periods ending

Providing assurance on Client Assets to the Financial Services Authority

No

None

Bulletin 3

14-Mar-13

Immediately

Providing assurance on Client Assets to the Financial Services Authority (Supplement addressing the use of Third Party Administrators)

N/A

None

FCA Handbook

01-Apr-13

Immediately

Replacement of FSA Handbook with FCA Handbook; in practice there are no changes of substance

N/A

None

FCA Code of Practice

12-Jul-13

Immediately

Code of Practice for the relationship between the external auditor and the supervisor

N/A

None

CASS 11

01-Apr-14

Immediately

Debt Management Firms

N/A

None

Policy Statement 14/9

01-Jun-15

Immediately

Enhancement of protection of client money and custody assets ~ CASS 6 / CASS 7 revisited, and in some places substantially revised

01-Jul-14

Amendments do not apply to insurance intermediaries

Assurance Standard

01-Jan-16

Periods commencing

Providing Assurance on Client Assets to the Financial Conduct Authority

Yes

None

 Published December 2015