Augentius (US) > Newsletters
As a client of Augentius, we give you exclusive access to the latest industry tips and insights through our regular newsletters. You can download our latest and past newsletters here.
October 3, 2018
July 26, 2018
June 26, 2018
February 26, 2018
In December 2017, the Financial Reporting Council (“FRC”) issued Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – Triennial review 2017 – Incremental improvements and clarifications (the “Amendments”).
November 23, 2017
In September 2015 the Augentius Technical Team issued a newsletter which discussed a draft fee reporting template expected to be released by the International Limited Partners’ Association (ILPA). Read our previous technical news piece.
The draft fee reporting template has now been released by ILPA for consultation and feedback from the industry.
February 22, 2017
The International Accounting Standards Board (‘the IASB’) released the following updates to IFRS last month:
- Annual Improvements to IFRS Standards 2014-2016 Cycle;
- An amendment to IAS 40, ‘Investment Property’; and
- IFRIC 22, ‘Foreign Currency Transactions and Advance Consideration’.
November 1, 2016
In September 2016, the Institutional Limited Partners Association (ILPA) updated the Quarterly Reporting Standards, originally released in October 2011.
September 7, 2016
On 13 July 2016, the Luxembourg Parliament adopted the Bill of Law 5730 (the “Bill 5730”), modernizing the Luxembourg Company Law of 10 August 1915 for commercial companies and modifying certain provisions of the Luxembourg Civil Code. This included certain aspects of the Law of 19 December 2002 on the register of commerce and companies, and the annual accounts of the companies (the “Amendments”). These Amendments became the Law of 10 August 2016 and have modernised the current Luxembourg Company Law.
July 1, 2016
In June 2016, Financial Accounting Standards Board (FASB) has released Accounting Standards Update (ASU) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”) intended to improve financial reporting by requiring timely recording of credit losses on an entity’s financial assets.
May 31, 2016
In May 2016, the Financial Reporting Council (FRC) released Amendments to FRS 105 – The Financial Reporting Standard applicable to the Micro-entities Regime – Limited Liability Partnerships and Qualifying Partnerships (the “Amendments”).
February 16, 2016
The disclosure of the full list of related parties in the financial statements is now required as well as registering persons with significant control (“PSC Register”). To read more about these Company Law updates, please enter your password.
February 12, 2016
After consultation and request for comments in 2015, the IPEV Board has released the final version of the International Private Equity and Venture Capital Valuation Guidelines (the “2015 IPEV Guidelines”).
February 2, 2016
On 29 January 2016, the Institutional Limited Partners Association (“ILPA”) released version 1.0 of the ILPA Fee Reporting Template (the “Template”). The Template reflects the comments and input received by ILPA from its consultation within the private equity industry.
January 12, 2016
The Financial Accounting Standards Board (FASB) has proposed to amend the fair value disclosures currently required under ASC 820, Fair Value Measurements and Disclosures via a proposed Accounting Standards Update (ASU) released in December 2015. FASB is asking for inputs on the proposed amendments.
January 6, 2016
Invest Europe (formerly known as the European Private Equity and Venture Capital Association or EVCA) published its 2015 Professional Standards Handbook and Investor Reporting Guidelines (the “2015 Handbook”). Within the 2015 Handbook, it is of particular interest to note that new Investor Reporting Guidelines (“IRG”) have been released, which supersede all previous versions released by EVCA and the 2012 version released by the IPEV board.
December 11, 2015
In November 2015, the Financial Reporting Council (FRC) published Financial Reporting Exposure Draft (FRED) 62 Draft amendments to FRS 102 – Fair value hierarchy disclosures (“FRED 62”).
FRED 62 was released for comments to enable financial statements prepared under FRS 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (“FRS 102”) to be consistent with the financial statements prepared by entities applying EU-adopted International Financial Reporting Standards (IFRS).
September 29, 2015
The International Limited Partners Association (ILPA) has launched the Fee Transparency Initiative (the “Initiative”), to promote the uniformity and regular reporting of fees and income from the General Partners (GPs) to the Limited Partners (LPs).
July 14, 2015
The Financial Reporting Council (FRC) has released one financial reporting standard (FRS) and three financial reporting exposure drafts (FREDs).
FRS 104, ‘Interim Financial Reporting’ was released to address interim reporting for entities using FRS 102, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’.
FRS 104 is based on IAS 34, ‘Interim Financial Reporting’. This aligns the new UK GAAP closer to IFRS.
May 29, 2015
In December 2014, we released a Client Newsletter on proposed amendments by Financial Accounting Standards Board (“FASB”), surrounding the fair value measurement disclosures on investments in fund-of-funds, where the fair values of such investments are calculated using the Net Asset Value (NAV) per share expedient.
FASB has now released ASU 2015-07 Fair Value Measurement (Topic 820) Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) in relation to the proposed amendments.
May 8, 2015
The Financial Accounting Standards Board (“FASB”) has recently issued ASU 2015-03 – Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (the “Update”), which has resulted in another alignment with the International Financial Reporting Standards (“IFRS”).
April 14, 2015
The Financial Accounting Standards Board (“FASB”) recently released two new Accounting Standards Updates (“ASUs”) as follows:
A. ASU 2015-01 – Income Statement – Extraordinary and Unusual Item (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items; and
B. ASU 2015-02 – Consolidation (Topic 810): Amendments to the Consolidation Analysis.
ASU 2015-01 is part of FASB’s Simplification Initiative which aims to reduce the costs and complexities while enhancing financial reporting information provided to the users of financial statements.
ASU 2015-02 deals with new consolidation guidance.
A. ASU 2015-01 – Income Statement – Extraordinary and Unusual Item (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the concept of Extraordinary Items
March 6, 2015
Recent IFRS updates include two new amendments and one proposed amendment to standards, which were released by the International Accounting Standards Board (“IASB”): A) Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28); B) Disclosure Initiative (Amendments to IAS 1); and C) Disclosure Initiative (Proposed Amendments to IAS 7).
February 16, 2015
The Statement of Recommended Practice (“SORP”) has been applied to Limited Liability Partnerships (“LLP”) in the preparation of their accounts to comply with UK GAAP. With the introduction of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (the “New UK GAAP” regime), an amended Statement of Recommended Practice (“Amended SORP”) on accounting by Limited Liability Partnerships (“LLPs”) has been published to incorporate the requirements of New UK GAAP.
February 2, 2015
First fund administrator to offer compliance services to the alternative asset management sector. Augentius, the trusted global private equity and real estate fund administration specialist, has announced the launch of its new compliance consultancy, Augentius Compliance. The service will support the entire alternatives sector, and marks the very first time a fund administrator has moved into compliance consultancy. Augentius Compliance will offer new customers a free ‘compliance health check’, available on request. (more…)
January 28, 2015
The European Directive 2013/34/EU (the “Accounting Directive”) was published on 29 June 2013 in the EU Official Journal. The EU Member States have until 20 July 2015 to incorporate the Accounting Directive requirements into their own legislation.
December 5, 2014
The proposed changes remove the requirement to classify investments measured at NAV into the fair value hierarchy, but instead show such investments as a reconciling item to agree the total value of investments on the statement of financial position to the disclosure notes.
July 7, 2014
The New UK GAAP issued by the Financial Reporting Council (FRC) will become effective for annual periods beginning on or after 1 January 2015 (with early adoption permitted). With its introduction, the “Old UK GAAP” consisting of the existing Financial Reporting Standards (FRS), Statements of Standard Accounting Practice (SSAPs), and various Urgent Issues Task Force (UITF) abstracts, will be replaced. Find out what should be done in the attachment.
May 2, 2014
The Cayman Islands Government has recently approved the Exempted Limited Partnership law, 2014 (“ELP law”), and has made the ELP law more aligned to the evolving needs of the users of an ELP. These changes overhaul the previous ELP law to a great extent. Full details can be found in this Client Newsletter.
April 1, 2014
The “Companies and Partnerships (Accounts and Audit) Regulations 2013” have now been passed. This Client Newsletter summarises the matter and elaborates on the accounting options available if general partners (“GPs”) / managers wish to continue with the qualifying partnership status of their UK limited partnerships.
March 30, 2014
On 28 February 2014, the Mauritian financial services regulator - The Financial Services Commission (“FSC”), amended sections 4 and 5 of chapter 4 of the Guide to Global Business (“Guidance”). The changes are effective from 1 January 2015. Full details can be found in this client newsletter.
February 7, 2014
In August 2013, the Companies Act 2006 (Strategic report and directors’ report) regulations 2013 (the “Regulations”) were approved. These regulations require companies to prepare a strategic report and amend the contents of the directors’ report. Find out more here.