Financial Reporting Round-Up - Spring 2012

Changes in disclosure of auditor remuneration

The Companies Act requirements in respect of disclosure of auditor remuneration are set to change for all UK companies (whether UK GAAP or IFRS preparers) for periods beginning on or after 1 October 2011. The changes relate primarily to the presentation and classification of the different categories of fees paid to auditors for non-audit services.

In order to assist companies in determining which services fall into which of the new disclosure categories the ICAEW has issued guidance in a technical release TECH 04/11 FRF "Disclosure of Auditor Remuneration". This guidance in available on their website (www.icaew.co.uk).

The new disclosure requirements can be adopted early.