Accounting separation meaning

Audit Reform and Corporate Governance Bill After lengthy delays, the draft Audit Reform and Corporate Governance Bill proposes scrapping the Financial Reporting Council (FRC) and creating a stronger watchdog, the Audit, Reporting and Governance Authority (ARGA), intended to prevent major corporate collapses. It featured in the King’s Speech in the House of Lords during the state opening of Parliament. On 17 July 2024, the FRC said it would collaborate with the Department for Business and Trade on the draft law, conceding there are ‘serious gaps in the regulatory toolkit’ that have needed reform for a long time. Richard Moriarty, the chief executive of the reporting council, warned that without these changes the regulator is akin to a sheriff for only half the county, working with powers that are too weak. Notable shortcomings under the FRC driving the draft legislation include the collapse of construction firm Carillion, which resulted in a £14.4m fine...

At 11pm UK time on 31 January 2020 (exit day), the United Kingdom departed the European Union pursuant to a Withdrawal Agreement that had been duly ratified by both the UK and the EU. Throughout the implementation period—ending at 11pm UK time on 31 December 2020 and known as ‘IP completion day’—the parties worked to settle terms for their future relationship. In readiness for Brexit, the European Union (Withdrawal) Act 2018 (EU(W)A 2018) became law, repealing the European Communities Act 1972 (ECA 1972) on exit day. The European Union (Withdrawal Agreement) Act 2020 (EU(WA)A 2020) was enacted to enable ratification and domestic implementation of the Withdrawal Agreement, and to provide for implementation of the EEA EFTA Separation Agreement and the Swiss Citizens’ Rights Agreement. EU(WA)A 2020 also amends EU(W)A 2018. Notably, it sets out targeted savings and transitional measures so that the UK’s obligations arising under EU law during the implementation period had effect in domestic law, despite the repeal of ECA 1972. In addition, many references in EU(W)A 2018...

ARCHIVED: This Practice Note is archived and is no longer being updated or maintained. It concerns Directive 2002/19/EC of the European Parliament and of the Council of 7 March 2002 on access to, and interconnection of, electronic communications networks and associated facilities, as revised by Directive 2009/140/EC (the Access Directive). It forms part of a suite of Practice Notes covering the key aspects of the EU regulatory regime for electronic communications. Across the EU, the supply of electronic communications networks and services in each Member State is subject to a common regulatory framework (the Framework), which initially consisted of five directives. The aim of the Framework was to create a harmonised system for regulating electronic communications networks and services throughout the EU. In December 2018, Directive (EU) 2018/1972 establishing the European Electronic Communications Code (Recast) (the European Electronic Communications Code) was published in the Official Journal of the EU and took effect three days after publication. The European Electronic Communications Code brings together four of the directives (including the...