February 2018 newsletter

GDPR round-up
It’s imminent…
The new government guidelines for GDPR mean that businesses MUST be prepared by May this year or face huge fines if they are found short of the new data security rules. More importantly though is the damage to reputation and potential loss of business that goes with any known breach of confidentiality.

If you’re unsure what GDPR actually is, we have prepared an introductory blog that will get you started. What is key is knowing where and how your contacts’ data is stored within your business and being thoroughly and demonstrably accountable for its security and monitoring.

Read our full article here

Vote for Rachel Davis
…in the next ICAEW Practice Committee elections
The voting for the IPC committee opens on 5th February and Just Audit’s Rachel Davis is standing once again. She has enjoyed her involvement with the IPC for the past 7 years and is very keen to continue her work representing the issues and concerns faced by accountants in the UK. 

Read Rachel’s statement here

ICAEW guidelines
…on distributable profits

The introduction of new UK GAAP was seen as a good opportunity to update the existing guidance on realised and distributable profits in Tech 02/10 to reflect the new accounting framework and to refresh the wording in some places.

The new Tech explains, as did the old one, the statutory procedures in relation to distributions. It includes an expanded explanation of the case law on what counts as a distribution; it doesn’t matter what label a transaction is given, but it is the purpose and the substance of a transaction that matters.

Particular reference is made to transactions with shareholders or sister companies at an undervalue. This is relevant to intra-group movements of assets and businesses that might affect the profits flow to the top company…. Read more here

[Source: ICAEW.com, article by Barbara Griessner]