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Proposed improvements to general presentation and disclosures under IFRS
Danielle Stewart OBE

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.

Coronavirus and IFRS: financial reporting

10 August 2020

Read our comprehensive guide on how coronavirus has impacted IFRS and the implications for financial reporting, outlining the areas you need to be aware of and how to stay on top of your compliance requirements.

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Coronavirus: Investor expectations

29 July 2020

We outline the key messages from the Financial Reporting Council (FRC’s) report which describes the reporting expectations of investors during the coronavirus crisis.

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Coronavirus: Expectations on going concern risk and viability

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.

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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.

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