08 September 2020
The IASB is proposing to change the standard relating to the presentation of financial statements. Replacing IAS 1 the new standard aims to improve the comparability and usefulness of financial statements.
29 July 2020
The Financial Reporting Council’s Lab have produced a report on the impact of coronavirus on the disclosure of going concern, risk and viability. The report contains many useful examples of how different companies have dealt with the reporting challenges.Read more
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.
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?
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.
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.
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.