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Encouraging signs of recovery for the manufacturing sector
Mike Thornton

06 July 2020

The June CIPS PMI returned to an above neutral measure in June at 50.1, showing some early signs of recovery as lockdown measures ease. Over the past few months many have been mitigating supply chain risks by sourcing new suppliers closer to home – will this trend continue?

Interaction of filing extension when filing parent consolidated accounts

06 July 2020

If an entity applies for an accounts filing extension before the filing deadline due to coronavirus, then Companies House will, if they are able to, provide an automatic three-month extension.

Going concern and changes to insolvency laws

03 July 2020

The coronavirus pandemic will have far reaching micro and macro implications which will require businesses of all sizes to reassess their budgets and forecasts to consider the impact on their going concern basis and accounts disclosure. RSM, ICAEW and the FRC have already issued a variety of resources to assist preparers and auditors assess the going concern status used in the annual accounts so this article provides links to those and focuses on one new announcement, ie how could the proposed relaxation of the wrongful trading laws affect management’s going concern assessment?

Manufacturing CIPS PMI: Overseas travel corridors and reshoring earmarked as short-term opportunities to rebuild
Mike Thornton

01 July 2020

The latest monthly CIPS manufacturing PMI today reports an above neutral measure in June at 50.1. This marks a welcome return to positive sentiment. It also adds credence to short term opportunities to bolster and strengthen the prospects of the manufacturing sector, and those whose supply chains rely on it, according to leading audit, tax and consulting firm RSM.

IFRS 16 rent concessions amended for coronavirus
Paul Merris

IFRS 16 has been amended for coronavirus-related rent concessions. The IASB has published amendments meaning lessees can choose not to consider lease modification accounting.

What support is available to manufacturers during the coronavirus outbreak?
Mike Thornton

19 May 2020

RSM covers the support available for manufacturers during the coronavirus outbreak based on government updates.

Narrative reporting

14 May 2020

The requirement for a company’s front end to tell the full story of the business has never been more important. Due to coronavirus users of the financial statements will require forward-looking information which provides an insight into the board’s assessment of business liquidity, viability and solvency as well as the methods, assumptions and judgements underlying that assessment.

Dividends and other distributions

14 May 2020

During the coronavirus pandemic, due to the uncertainty of future trading and potential deterioration of financial position from the last annual accounts, entities looking to pay dividends or make other distributions will need to be especially aware of their legal obligations and fiduciary duties, including considering additional factors than they may previously have needed to.

Small and micro entities

14 May 2020

The coronavirus pandemic will have far reaching implications which will require businesses of all sizes including those applying the small company regime and those adopting the micro entity provisions to consider the impact on the preparation of their annual accounts.

Accounting for tax

04 May 2020

Entities will need to consider a number of matters in relation to the recognition and measurement of current and deferred tax as a result of coronavirus.

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