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Written by Calum Haswell
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Friday, 06 August 2010 |
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The Auditing Practices Board (APB) of the FRC has published a discussion paper entitled ‘Auditor scepticism: Raising the bar’. The Discussion Paper emphasises the importance of scepticism to audit quality and draws on recent research to stimulate debate about what actions may be needed to ensure that the appropriate degree of scepticism is applied by auditors in practice. This paper (pdf) is available on the APB website and consultation closes on 31 October 2010.
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Written by Calum Haswell
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Tuesday, 06 July 2010 |
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The Auditing Practices Board (APB) of the FRC has issued for comment a consultation draft of a revision of Practice Note 25 “Attendance at stocktaking.” The consultation period ends on 5 October 2010.
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Written by Calum Haswell
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Tuesday, 06 July 2010 |
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The Equality Act 2010 will be implemented from 1 October 2010. The Equality Act brings together nine separate pieces of existing legislation to simplify the law and make compliance easier for companies. Summary guides are available on the equalities.gov website.
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Written by Calum Haswell
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Thursday, 01 July 2010 |
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The Financial Reporting Council (FRC) and the Financial Services Authority have issued a joint discussion paper (PDF) in order to open debate on how the FSA, FRC and auditors can work together to enhance auditors’ contribution to prudential regulation.
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Written by Calum Haswell
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Monday, 28 June 2010 |
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Our new poll is now online. You will see it in the sidebar to the right of this page.
For your company, is the impact of the recession over? Is your company back to pre-recession trading? Are things improving? Or are things getting worse? You can discuss this in more detail in our forum.
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Written by Calum Haswell
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Friday, 28 May 2010 |
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The coalition government has announced its intention to reinstate an Operating and Financial Review, to “ensure that directors’ social and environmental duties have to be covered in company reporting, and investigate further ways of improving corporate accountability and transparency”.
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Written by Calum Haswell
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Tuesday, 30 March 2010 |
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Companies House has published additional guidance on Section 1024 of the Companies Act 2006. Administrative restoration is where a company was dissolved because it appeared to be no longer carrying on business or in operation, a former director or member applies to the registrar to have the company restored to the register.
http://www.companieshouse.gov.uk/about/miscellaneous/administrativeRestoration.shtml
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Written by Calum Haswell
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Tuesday, 30 March 2010 |
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Following a consultation on its report and recommendations published in December, the Financial Reporting Council has published responses from companies. These responses are available to view individually on the FRC website.
http://www.frc.org.uk/corporate/2009DecConsultationamendments.cfm
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Written by Calum Haswell
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Tuesday, 23 March 2010 |
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The Institute for Company Secretaries and Administrators (ICSA) has published its response to the FRC Combined Code’s recommendations. ICSA is generally supportive of the draft code and its approach but express reservations on the issue of reelection of directors. The response (pdf) to the recommendations (html) are available on the ICSA website.
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Written by Calum Haswell
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Thursday, 11 March 2010 |
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Companies House has published updated guidance booklets for the use of company secretaries, directors and advisers. GP4 - Strike Off, Dissolution and Restoration and GPLLP3 - Limited Liability Partnership Strike Off, Dissolution and Restoration are available on the Companies House website (html).
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Written by Calum Haswell
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Thursday, 11 March 2010 |
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Corporation Tax Act 2010 has now been published on LexisLibrary (subscription required) and OPSI .
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Written by Calum Haswell
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Tuesday, 16 February 2010 |
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Companies House has published updated guidance booklets for the use of company secretaries, directors and advisers. GP2 – Life of a company and GP06 – The Europeaan Company are available on the Companies House website (html).
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Written by Calum Haswell
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Friday, 12 February 2010 |
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The Corporate Manslaughter and Corporate Homicide Act 2007 (Commencement No 2) Order 2010 was made on 9 February and is available on the OPSI website. The Order brings into force Section 10 of the Act on 15 February.
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Written by Calum Haswell
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Tuesday, 09 February 2010 |
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Companies
Act 2006, Section 508 Guidance for Regulatory and Prosecuting Authorities in England, Wales
and Northern Ireland Offences in Connection With Auditors' Reports (Section 507)
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Written by Calum Haswell
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Tuesday, 02 February 2010 |
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The Financial Services Authority has published a consultation paper: Effective corporate governance (Significant influence controlled
functions and the Walker review). This consultation paper sets out a new framework of classification of controlled functions and other changes to the approved persons regime. The document sets out guidance for non-execitive Directors, details of the FSA’s more intrusive approach and proposes implementation of some Walker review recommendations.
The consultation paper (PDF) is available on the FSA website.
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Written by Calum Haswell
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Monday, 14 December 2009 |
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The Companies Act 2006 (Substitution of Section 1201) Regulations 2009 replace section 1201 of the Companies Act 2006 (c.46) to ensure that this provision complies with Article 16 (freedom to provide services) of Directive 2006/123/EC of the European Parliament and of the Council of 12 December 2006 on services in the internal market (OJ L 376, 27.12.2006, page 36).
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Written by Calum Haswell
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Wednesday, 02 December 2009 |
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The Financial Reporting Council (FRC) has published a final report on its 2009 review of the Combined Code on Corporate Governance. A consultation document accompanies the final report, setting out proposed changes to the code and inviting comment. Consultation is open until 5 March 2009.
Final report
Consultation document
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Written by Calum Haswell
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Tuesday, 01 December 2009 |
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The Department for Business, Innovation and skills is inviting views on changing the law to reduce the risk of companies incorrectly using the addresses of other businesses or private individuals as their registered office address and set out a process for third parties to challenge the information on the register. Consultation is open until Tuesday, 19 January 2010.
http://www.berr.gov.uk/consultations/page53697.html
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Written by Calum Haswell
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Thursday, 26 November 2009 |
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The government department for Business, Innovation and Skills (BIS) has issued a consultation document, opening a consultation period on statements of capital in the Companies Act 2006. The document sets out proposals for amending the requirements. The idea behind the amendments is to balance the interests of the third party obtaining information with the cost to the company of supplying the information.http://www.berr.gov.uk/consultations/page53695.html
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Written by Calum Haswell
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Wednesday, 11 November 2009 |
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HM Treasury and HMRC have published a consultation document outlining options for the reforming the associated company rules as they apply to the small companies’ rate of corporation tax. The consultation is undertaken in order to understand whether the option presented would benefit business by providing a more targeted test to establish those companies that form an economic whole and thus whose profits should be considered collectively in establishing the rate of corporation tax that applies to them.
Consultation opened on 29 October 2009 and closes on 22 January 2010.
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Written by Calum Haswell
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Wednesday, 11 November 2009 |
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The European Commission has published a green paper which launches a consultation on access to company registers in the EU. The green paper argues for the importance of enhanced cooperation of business registries, aiming to improve access to information and to strengthen cooperation between business registers in cross-border procedures.
The green paper can be found on the IPEX website.
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Written by Calum Haswell
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Friday, 30 October 2009 |
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With the Companies Act now in force in its entirety, this conference will examine the latest provisions in detail and guiding you through the changes to the memorandum and the new model articles.
Tim Moss, Director of Corporate Strategy, will be providing an overview of the changes in rules and functions happening at Companies House and Alan Buchanan, Company Secretary, BA will be offering his personal insight into the impact of the Act to date.
For more information please visit: www.conferencesandtraining.com/companies-act
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Written by Calum Haswell
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Wednesday, 28 October 2009 |
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A consultation period has opened on the OECD guidelines, recommendations on responsible business conduct addressed by Governments to multinational enterprises operating in or from their territories. The UK consultation is open to stakeholders on the priority areas for an update of the OECD Guidelines for multinational enterprises in order to identify options for possible technical or more substantive updates of the text of the OECD Guidelines and Commentaries.
The consultation document is available on the BERR website. Consultation is open until 25 January 2010
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Written by Calum Haswell
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Friday, 02 October 2009 |
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The final implementations of the Companies Act 2006 have now come into force. Key provisions of the Companies Act 2006 include:
- Creating separate and simpler model Articles of Association for small companies, reflecting how they operate
- Enabling greater use of electronic communications with shareholders therefore avoiding unnecessary cost and time consuming administration
- Making it an offence to carry on business in the UK under a name that gives so misleading an indication of the nature of the activities of the business as to be likely to cause harm to the public.
Comments (1) | Add as favourites (144) | Quote this on your site | Views: 2783 |
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Written by Calum Haswell
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Monday, 28 September 2009 |
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The Companies (Creditor Protection and Treasury Shares) Regulations come into force on 1 October 2009 and implement the amendments to the Second Company Law Directive:
Amend creditor protection provisions when companies reduce their capital, so that creditors objecting to the reduction will be required to demonstrate that their claim is at stake and the company has not provided adequate safeguards;
Provide an option for companies to be authorized for a period of up to 5 years to purchase and hold their own shares up to the limit of distributable reserves (profits);
Reduce the current 21 day period of notice given to existing shareholders when companies issue new shares to raise capital to 14 days
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Written by Calum Haswell
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Wednesday, 26 August 2009 |
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The Registrar of Companies (Fees) (Companies, Overseas Companies and LLPs) Regulations 2009 update and amalgamate existing Fees Regulations for Companies, Overseas Companies and LLPs as a consequence of changes implemented as part of the Companies Act 2006, coming into force on 1 October 2009.
http://www.companieshouse.gov.uk/companiesAct/implementations/oct2009.shtml
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Written by Calum Haswell
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Tuesday, 25 August 2009 |
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This Order makes consequential amendments to Part 35 of the Companies Act 2006 (“the 2006 Act”) and amends the Companies Act 2006 (Commencement No. 8, Transitional Provisions and Savings) Order 2008 (S.I. 2008/2860 (C. 126)) (“the 8th Commencement Order”). Part 35 of the 2006 Act deals with the functions of the registrar of companies and with material delivered to, and registered by, the registrar. Part 35 is brought fully into force, by the 8th Commencement Order, on 1 October 2009 and the amendments made by this Order take effect on that date.
http://www.companieshouse.gov.uk/companiesAct/implementations/oct2009.shtml
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Written by Calum Haswell
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Tuesday, 25 August 2009 |
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These Regulations exercise powers in the Companies (Audit, Investigations and Community Enterprise) Act 2004 (c.27) (the “2004 Act”) and amend the Community Interest Company Regulations 2005 (S.I. 2005/1788) (the “Principal Regulations”).
These Regulations come into force on 1st October 2009 and extend to the whole of the United Kingdom, reflecting the extent of the Companies Act 2006 (c.46).
http://www.companieshouse.gov.uk/companiesAct/implementations/oct2009.shtml
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Written by Calum Haswell
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Friday, 21 August 2009 |
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The Financial Services Authority has launched a consultation period on its proposed Code of Good Governance. The Code, originally published in 2005, has now been revised to be easier to understand and more applicable to a wider range of organisations, of all sizes. The proposed revised code is available on the FSA website and consultation is invited via this survey.
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Written by Calum Haswell
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Thursday, 20 August 2009 |
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Chartered Institute of Management Accountants (CIMA) has launched a series of essential checklists targeted at small to medium sized businesses (SMEs) to help them through the current recession.
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Written by Calum Haswell
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Thursday, 20 August 2009 |
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The Consultative Committee of Accountancy Bodies (CCAB) has published an exposure draft of a revised Statement of Recommended Practice (SORP) on Accounting by Limited Liability Partnerships (LLPs). The SORP applies UK Generally Accepted Accounting Practice to LLPs incorporated in Great Britain. The draft SORP is open for comment until 3 November 2009.
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Written by Calum Haswell
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Thursday, 20 August 2009 |
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An FSA press release details its approach on the three key areas of its rules regarding activist shareholders:
- The market abuse rules do not prevent investors from engaging collectively with the management of an investee company. However, trading on the basis of knowing another investor’s intentions or working jointly to avoid disclosure of shareholdings could constitute market abuse;
- FSA rules on disclosure of major shareholdings require that investors who have agreed to pursue the same long-term voting strategy should aggregate their shareholdings when considering whether their shareholdings reach the threshold for disclosure (3% of a company’s shares). However, this disclosure would be unlikely to be triggered by ad hoc discussions between investors on particular corporate issues; and
- Under the EU Acquisitions Directive that was implemented earlier this year, where investors are “acting in concert” they require FSA approval if they reach a controlling shareholding (10% or more of a company’s shares) in a regulated firm. “Acting in concert” is not defined in the Directive but the FSA does not view the requirement as preventing ad hoc discussions or understandings between investors that are intended solely to promote generally accepted principles of good corporate governance in firms in which they have invested.
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Written by Calum Haswell
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Thursday, 13 August 2009 |
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The Department for Business, Innovation and Skills has published a document summarising common commencement dates on its website. This document summarises all relevant Company Law regulations including those that came into force on 1 April 2009 and the next batch of regulations, which come into force on 1 October 2009.
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Written by Calum Haswell
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Tuesday, 11 August 2009 |
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The government has waived the fee previously charged to search its supply2.gov.uk website. The site, which lists public sector procurement opportunities worth up to £100,000, will now be free to use. The intention is that small and medium sized businesses will have better access to these public sector contracts. The Government intends to create a single website for all public sector contracts by the end of next 2010.
www.supply2.gov.uk
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Written by Calum Haswell
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Thursday, 06 August 2009 |
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The ICAEW and ICAS have published a technical release: Guidance on the determination of realised profits and losses in the context of distributions under the Companies Act 2006. This release provides guidance on realised and distributable profits, taking into account comments received on draft guidance issued as TECH 07/08 in November 2008. The technical release (PDF) is available on the ICAEW website.
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Written by Calum Haswell
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Thursday, 06 August 2009 |
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Explanatory notes for the Finance Act 2009 have now been published on the OPSI website.
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Written by Calum Haswell
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Thursday, 30 July 2009 |
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The Financial Reporting Council (FRC) has published its review of the effectiveness of the Combined Code. This document is now available on the FRC website, and the FRC invite further comments for consideration until 9 October 2009. The review puts forward the code’s guiding principles for assessing the lessons to be learnt from the financial crisis and the case for changes to the Code. These are:
- Where there is a demonstrable need for best practice to be clarified or strengthened, this will be addressed either through amendments to theCode or additional, non-binding guidance;
- Where not constrained by regulatory requirements, we will seek torationalise disclosure requirements in the Code to encourage more informative disclosure on the issues of most importance to investors and to discourage boiler-plating and box-ticking; and
- We will seek to avoid an increase in the overall level of prescription in theCode and to preserve its principles-based style.
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Written by Calum Haswell
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Thursday, 30 July 2009 |
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The Department for Business, Enterprise and Regulatory Reform (DBERR) is inviting views on a possible change of approach to the transitional provisions and savings for sections 1012 to 1023 of the Companies Act 2006. The possible change concerns the time periods for disclaimer by the Crown of title to the property of dissolved companies.
The consultation paper (PDF) is available on the DBERR website. Consultation closes on 21 August.
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Written by Calum Haswell
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Monday, 27 July 2009 |
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The Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009 (SI 2009/ 1917) have now been published.
These regulations aim:
- to provide for the formalities of doing business under UK law by companies incorporated outside the United Kingdom; and
- to ensure that public record for every overseas company that is registered with Companies House includes essential information about the company’s use of its property in the United Kingdom as security for borrowing.
These regulations are available, with am explanatory memorandum on the OPSI website. The regulations come into force on 1 October 2009.
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Written by Calum Haswell
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Friday, 17 July 2009 |
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The Registrar of Companies and Applications for Striking Off Regulations 2009 have now been published. These regulations make provision relating to the functions of the Registrar under the Companies Act 2006, Pt 35 and the delivery of documents to the Registrar, including:
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Written by Calum Haswell
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Monday, 13 July 2009 |
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A new press release on the International Accounting Standards Board (IASB) website details a new International Financial Reporting Standard (IFRS) for the use of small and medium sized entities (SMEs). This new IFRS simplifies existing principles, omitting topics not relevant for SMEs, reducing the number of required disclosures.
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Written by Calum Haswell
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Monday, 13 July 2009 |
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The adjudicator’s annual report (PDF) has been provided to Companies House and is available on the Companies House website. This report provides an overview of appeals against late filing penalties and investigates complaints about Companies House’s complaints procedure itself.
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Written by Calum Haswell
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Friday, 26 June 2009 |
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The European Commission is considering the adoption of the International Standards on Auditing of the International Auditing and Assurance Standards Board for statutory audits required by Community law. A consultation paper addressing this is available on the EC Europa website (PDF). Consultation ends of 15 September 2009.
Comment first | Add as favourites (138) | Quote this on your site | Views: 1019 |
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Written by Calum Haswell
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Monday, 01 June 2009 |
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The Financial Reporting Council (FRC) has published a new Exposure Draft, “Going Concern and Liquidity Risk: Guidance for Directors of UK Companies”. This Exposure Draft, aimed at company directors, offers a practical approach to making a going concern assessment and then making appropriate disclosures.
This new Exposure Draft replaces the FRC’s 1994 Guidance, “Going Concern: guidance for directors of listed companies”, taking in 2008 updates: “Going Concern and Financial Reporting: Proposals to revise the guidance for directors of listed companies” and “Going Concern and Financial Reporting: An Update for Directors”. The Exposure Draft is available on the FRC website (PDF).
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Written by Calum Haswell
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Thursday, 28 May 2009 |
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The following statutory instruments have been laid before parliament:
- the draft Registrar of Companies and Applications for Striking Off Regulations 2009;
- the draft Companies Act 2006 (Part 35) (Consequential Amendments, Transitional Provisions and Savings) Order 2009;
- the draft Companies House Trading Fund (Amendment) Order 2009;
- the draft Overseas Companies Regulations 2009;
- the draft Limited Liability Partnerships (Application of Companies Act 2006) Regulations 2009
- The draft Companies Act 2006 (Accounts, Reports and Audit) Regulations
These draft statutory instruments, along with explanatory memoranda, are available on DBERR website.
These draft statutory instruments, along with explanatory memoranda, are available on the DBERR website.
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