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NEWS ROUND-UP |
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On 28 April 2006, the ASB published an Exposure Draft for amendments to FRSSE. It is proposed that the amendments will be effective for accounting periods beginning on or after 1 January 2007. Comments are requested by 31 July 2006. |
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Amendments to FRSSE - ASB publishes Exposure Draft See CLM: ¶4367 |
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On 12 April 2006, the ICAEW issued draft guidance on the disclosure of remuneration payable to auditors for the audit of accounts and other (non-audit) services. Comments are requested by 4 July 2006. |
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Disclosure of auditor remuneration - ICAEW draft guidance See CLM: ¶4305 |
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The new TUPE regulations came into force on 6 April, and have already been criticised by R3, the Association of Business Recovery Professionals (SI 2006/246). One of the aims of the new regulations is to facilitate the rescue of insolvent businesses by providing relief from certain provisions which apply to the transfer of solvent businesses. However, R3 argues that the new regulations cause confusion because they are too vague as to which UK insolvency proceedings they apply. As enacted, the TUPE regulations provide that employees’ contracts will not automatically pass to the transferee where all or part of a business has been transferred if insolvency proceedings have been instituted against the transferor with a view to liquidating its assets. If the insolvency proceedings do not have such a purpose and employees’ contracts are transferred, the NI Fund will meet certain of the transferee’s resulting liabilities. R3 argues that it is not possible to determine to which of the UK insolvency regimes (i.e. liquidation, administration, receivership or CVA) the regulations are intended to apply, since any insolvency proceedings usually involve the liquidation of at least some assets. |
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New TUPE regulations under fire from R3 See CLM: ¶6423 |
