False accounting meaning

ARCHIVED: This archived checklist summarises how the 2012 edition of the UK Corporate Governance Code differed from the 2010 UK Corporate Governance Code. It is not maintained and is supplied for background information only. Checklist—2010 UKCG Code and 2012 UKCG Code compared In September 2012, the Financial Reporting Council issued a new edition of the UK Corporate Governance Code (the 2012 UKCG Code) following its two-yearly consultation on potential amendments to the UK Corporate Governance Code (UKCG Code), which began in April 2012. The 2012 UKCG Code applies to companies with accounting periods commencing on or after 1 October 2012. The points below indicate how the 2012 UKCG Code varied from the version released in 2010 (the 2010 UKCG Code): Governance and the Code: Wording unique to the 2010 edition and the preceding review of the UKCG Code has been removed. Preface: Wording unique to the 2010 edition and the preceding review of the UKCG Code has been removed...

When starting a charitable public appeal, there is scant, if any, certainty that it will be successful. Accordingly, it is sensible to outline the key matters to be handled at the outset. This checklist aids the practitioner in explaining clearly those potential issues, or it can be passed to the promoters of the appeal to help keep these points front of mind...

How to use this Checklist This Checklist aims to flag common issues that emerge during the negotiation and drafting of a publishing agreement. For a model publishing agreement, see Precedent: Publishing agreement—pro-publisher. For more detail on matters raised in this Checklist, consult Practice Notes: Assigning intellectual property rights; Licensing intellectual property rights. Where appropriate, this Checklist can also act as the basis of a simple, non-binding heads of terms. For guidance on doing so, see Precedent: Heads of terms—commercial contracts. The third column can be used to capture observations or comments as the Checklist is completed. Checklist schedule for proposed publishing agreement Checklist Further information Notes (if any) Parties Verify each party’s legal status and consider whether any third parties (such as group affiliates) will benefit from the proposed agreement. Commencement, duration and termination Confirm the start or effective date. Determine whether the agreement lasts for the full copyright term in the work or for a...

This flowchart relates to losses incurred before 1 April 2017 that are set against profits arising in those relevant accounting periods that commence before 1 April 2017...

View or print a full-size PDF version:...

In this issue Sustainable finance and ESG round up LIBOR and benchmarks Lending Security Sustainable finance Derivatives Regulation for derivatives lawyers Regulation for banking lawyers Daily and weekly news alerts New and updated content Useful information Sustainable finance and ESG round up Sustainable finance and ESG monthly round-up—11 August 2025. This Finance Group update features: (1) an International Sustainability Standards Board consultation on proposed changes to the Sustainability Accounting Standards Board Standards and guidance for IFRS S2, (2) the IFRS Foundation’s near-final guidance on reporting uncertainties within financial statements, and (3) new United Nations Environment Programme Finance Initiative guidance for banks on climate adaptation and resilience. For more, see News Analysis: Sustainable finance and ESG monthly round-up—11 August 2025. LIBOR and benchmarks On 23 July 2025, the UK Supreme Court issued a landmark judgment, overturning the fraud convictions of traders Tom Hayes and Carlo Palombo. Ellen Gallagher, partner at Vardags Ltd,...

The team behind arbitrateAD The registry Kristin Campbell-Wilson has now taken up the role of executive director at the newly established Abu Dhabi International Arbitration Centre. Bringing more than twenty years’ international arbitration expertise, she most recently served at the SCC Arbitration Institute, first as deputy secretary general and subsequently as secretary general. Her selection clearly underscores arbitrateAD’s strong focus on streamlined case administration in practice. It likewise marks a positive step for gender balance within the sector. The court The arbitrateAD Court (the Court) exercises oversight of arbitrations conducted under the arbitrateAD Rules. Under the arbitrateAD Rules, the Court is charged with appointing arbitrators, deciding challenges to arbitrators, and scrutinising arbitral awards, among other duties and responsibilities. The Court comprises 15 leading international arbitration practitioners, with women accounting for nearly half. This varied bench has wide geographic reach, with members based across 11 jurisdictions. They include five figures from the Middle East region, four originating from the UAE, plus ten others spanning Africa, Europe, Asia...

UK Care No 1 Ltd v HMRC [2026] UKUT 90 (TCC) The appellant, UKC1, was a Guernsey-incorporated company. It served as the issuer of loan notes within a securitisation structure for the BUPA group. Those notes were placed at a discount and incurred transaction expenses. UKC1 recognised the obligation on an amortised cost basis. That accounting treatment reflected the discounted issue price and the associated fees borne at issue time. (CTA 2009, s 327 is inapplicable where fair value accounting is adopted.) In 2016—when BUPA intended to dispose of certain care homes included in the collateral package—BUPA acquired UKC1 and it became resident for UK tax. UKC1 subsequently bought back the loan notes. The terms for early repayment were set by a ‘Spens’ (or ‘make whole’) provision, which required payment of whichever was greater: the principal sum, or the present value of future cash flows, discounted by reference to a named gilt...

This Practice Note sets out the principal tax considerations where creditors move to enforce security over the assets of a distressed company or corporate group. Related Practice Notes in this series address tax issues concerning: acquisitions of distressed debt, and debt restructurings (ie waivers, debt/equity swaps or renegotiations) In addition, Tax and distressed debt—checklist of points to consider distils the main tax points to bear in mind when dealing with distressed debt in general. This Practice Note reviews the enforcement routes open to creditors of troubled businesses and the consequences that may follow. For a detailed look at the loan relationships provisions on debt releases, see: Loan relationships—impairment and debt releases Loan relationships—impairment and debt releases: connected companies Types of enforcement As explained in Practice Note: Tax and distressed debt—debt restructurings, lenders will frequently engage in a restructuring of a distressed group’s debt to help the underlying business continue. Enforcing security over a borrower’s assets...

Stop Press : From accounting periods starting on or after 1 January 2026, the Diverted Profits Tax is superseded by the unassessed transfer pricing profits rules. This Practice Note, alongside Transactions in UK land—tax rules, examines the anti-avoidance provisions aimed at countering attempts to sidestep tax on income, profits or gains connected with arrangements concerning, or trades of dealing in, land. The main anti-avoidance measure seeks to treat gains of a capital character realised on the disposal of land as income, bringing them within income tax or corporation tax. Further detail appears in Practice Note: Transactions in UK land—tax rules. From 5 July 2016 these rules superseded and expanded the former transactions in land rules (for information on prior rules, see Practice Note: Real estate—anti-avoidance: disposals of land and taxing capital gains as income (pre 5 July 2016) [Archived])...

What is a service charge? A service charge is a sum a tenant may have to pay to a landlord under a commercial lease to reimburse the landlord for services they provide in connection with the common parts and for the upkeep of the property. Commonly, this applies where multiple tenants occupy one property, for example a shopping centre, and the landlord looks after the communal parts of the building for everyone’s benefit. In most contemporary leases the tenant pays the service charge on account, before the landlord incurs the expenditure, calculated from an estimate of the next year’s costs. At the close of the accounting period a reconciliation is prepared and any shortfall or surplus is settled by or to the tenant. Sometimes, earlier forms of lease stipulate that the landlord must meet the outlay first. For more detail on service charges ordinarily charged to tenants of multi-occupied buildings by commercial landlords in Scotland, see Practice Note: Service charge and outgoing provisions in commercial leases in Scotland. ...

[ Insert organisation name ] is proud of how we conduct our business. Our Code of ethics sets out the standards and policies that govern our operations and applies to everyone. Please read the Code carefully, make sure you understand it, and use it to guide your work. If you have any queries about the Code or its application, please speak with [ insert contact details ]. 1 What is fraud? 1.1 In broad terms, fraud is a criminal act involving deception or theft to secure an advantage. 1.2 The failure to prevent fraud offence under the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) covers a wide range of fraud offences carried out for the benefit of our organisation, including: fraud by false representation fraud by failing to disclose information fraud by abuse of position obtaining services dishonestly participation in a fraudulent business false statements by company directors false accounting fraudulent trading cheating the...

On [ insert date ], this Agreement is hereby formally entered into by the following named (each a ‘party’ and collectively the ‘parties’): Parties 1 [ insert Company name ], a company duly incorporated in England and Wales whose registered number is [ insert Company number ] and whose registered office is at [ insert registered office ] (the Company); and 2 [ insert Author name ] of [ address ] (the Author). Background (A) The Author owns the worldwide copyright in the literary work issued by [ name ] entitled [ title ] (the Work). (B) The Author has agreed to grant an option and assign to the Company certain rights in and relating to the Work, subject to the conditions and for the consideration stated in this Agreement herein...

This is designed to build your understanding of your organisation’s finance and accounting by providing essential financial questions. Capture every response in the table. You might also need to consult your finance team to fill any omissions along the way as you proceed...

Section 21 of the Landlord and Tenant Act 1985 (LTA 1985) Under section 21 of the Landlord and Tenant Act 1985 (LTA 1985), a residential tenant may require their landlord to furnish a summary of costs relating to service charges for the last accounting year; if accounts are not kept by accounting years, the previous 12 months. The landlord is obliged to comply with the tenant's request within one month, in any event, or, if later, within six months of the end of the relevant 12‑month accounting period...

Request under section 21 of the Landlord and Tenant Act 1985 (LTA 1985) The section 21 request under the Landlord and Tenant Act 1985 (LTA 1985) seeks a summary of 'costs incurred'. These are the 'relevant costs' tied to service charges that are payable, or have been demanded as payable, by the leaseholders of a dwelling. 'Relevant costs' means actual or estimated expenditure incurred, or to be incurred, by or on behalf of the landlord or any superior landlord in relation to matters for which a service charge is payable – LTA 1985, s 18. Such relevant costs may fall within the period for which the service charge is due, or within an earlier or later period, and may encompass overheads. Where service charge accounts are compiled on a 12-month accounting basis, any written summary can refer only to those accounts that were 'made up' in the last of those yearly periods before the date of the request...