'Director know how' is a monthly article which highlights key rule changes, proposed changes and market updates so that you know what is coming down the track.
New reduced disclosure for subsidiary company accounts
In November 2012, the Financial Reporting Council (FRC) released its new financial reporting framework for the UK, which includes a reduced disclosure framework for preparing company's subsidiary accounts, which lowers the financial reporting burden. Matthew Stallabrass, Partner at Crowe Clark Whitehill and Deputy Chairman of our Financial Reporting Expert Group, has written a brief article that explains the new framework and the benefits and potential drawbacks for our members.
ICSA issues guidance on the role of the NED
ICSA has issued new guidance on the role of the non-executive director, highlighting appropriate steps to exercise care, skill and diligence in the execution of their roles and responsibilities.
Holding period for EMI options to qualify for Entrepreneurs' Relief changed
The Government has picked up on a technical point we made in our Budget Representations regarding the extension of Entrepreneurs' Relief to EMI options (originally announced in the 2012 Budget). The 12 month holding period for the relief will now include the period for which the EMI share option was held (and not just the period after exercise of this option). This should make it much easier for employees of small and mid-size quoted companies to take advantage of this extended relief. You can find further details about this change on HMRC's website.