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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?

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.

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.

Coronavirus and FRS 102: financial reporting

04 May 2020

It’s quite clear that coronavirus is a devastating, exceptional and extraordinary worldwide event which will have a significant financial impact on many entities. The financial reporting implications of coronavirus, together with the Government support, could prove challenging.

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Contingent liabilities and assets

04 May 2020

Given the degree of uncertainty surrounding the impact of coronavirus, entities will need to be mindful of potential obligations or assets that have never been considered as part of the normal reporting cycle but now require disclosure in the accounts, even though they are not recognised on the balance sheet.

Statement of cash flows

04 May 2020

During this period of economic uncertainty, cash is as important as ever. Entities will be monitoring cash flows on a more regular basis and it is likely that the users of financial statements will focus on the cash flow statement to understand the movements in and utilisation of cash and cash equivalents over the year.