ICAEW.com works better with JavaScript enabled.

Impact of coronavirus on the regulation of company accounts

ICAEW insights, technical guidance and other practical resources on the implications of the coronavirus COVID-19 pandemic for UK and international regulation of company accounts.

ICAEW insights

Paying dividends during the COVID-19 crisis

14 April 2020: companies considering whether to pay a dividend during these turbulent times should take a range of factors into account, cautions ICAEW’s Head of Business Law Charles Worth.

Coronavirus: keep the information flowing to markets

30 March 2020: for listed companies, keeping the market up to date with information is as important as ever, notwithstanding that they have been given an extra time to publish their audited financial statements, writes ICAEW’s Katerina Joannou.

External resources

Implications of the COVID-19 outbreak on the half-yearly financial reports

ESMA 20-05-2020

Public statement issued by the European Securities and Markets Authority (ESMA) providing recommendations and highlighting areas of focus. The statement discusses the application of IAS 34; disclosures reflecting significant uncertainties, going concern and risks linked to COVID-19; impairment of non-financial assets; presentation of COVID-19 related items in the statement of profit or loss; interim management reports.

FRC Company Guidance (Updated 20 May 2020) (COVID-19): Guidance for companies on Corporate Governance and Reporting (Including Interim Reports)

FRC 20-05-2020

Guidance for companies published by the FRC highlighting key issues for boards and addressing common challenges for preparers of annual reports and other corporate reporting, particularly regarding disclosures. Updated to include explanations of how organisations should report exceptional items and alternative performance measures (APMs). The high-level guide provides notes on management information, risk management and internal controls systems, dividends and capital maintenance, corporate reporting, strategic report and viability statement, going concern and material uncertainties, significant judgements and estimation uncertainty, events after the reporting date, and interim reports.

Guidance for Independent Examiners during COVID-19 or in a time of national emergency.

UK Charity Regulators 07-05-2020

Guidance issued jointly by the UK Charity Regulators to assist Independent Examiners with some of the considerations that may arise due to the impact of the COVID-19 virus. Covers restrictions on access to records; access to those in management and control of the charity; risk factors; implications for the examiner's report; sign off and filing of accounts.

Measures in respect of Company filings AGMs and other general meetings during Covid-19

FRC 17-04-2020

A Q&A from the FRC and the Department for Business, Energy & Industrial Strategy (BEIS) providing information for companies that are finding it difficult to meet statutory obligations to hold meetings and to file documentation on the Companies Register. It discusses flexibility on AGMs and other general meetings, how meetings will be quorate, why virtual meetings are not encouraged, responsibilities to shareholders, extension of deadlines, and changing the accounting reference period.

Coronavirus crisis: country responses to the implications on reporting

Accountancy Europe 10-04-2020

A summary produced by Accountancy Europe of responses by country to the implications on company reporting as a result of COVID-19. The publication focuses on extension of filing deadlines, IAS 10 Events After the Reporting Period, going concern, IAS 36 Impairment of Assets, IFRS 9 Financial Instruments, and other governance matters. A separate page Coronavirus crisis resources – banks covers information for European professional accountants dealing with financial institutions.

AGMs and impact of COVID-19

ICSA 27-03-2020

Updated guidance issued by ICSA offering advice for UK listed companies on how to ensure that AGMs are quorate, who should chair meetings, which directors will be allowed or expected to attend the general meeting and where to hold the meeting in the event of the planned venue being unavailable or otherwise inaccessible.

COVID-19 control measures and financial reporting by charities

Charities SORP 23-03-2020

Guidance for trustees and preparers of charity accounts produced by the SORP-making body. The briefing highlights the potential impact of control measures to contain COVID-19 on financial reporting by charities and discusses the implications for trustees' annual reports, going concern and the alternative basis to going concern when preparing accounts under the Charities SORP.

* Some of the content on this web page was provided by the Chartered Accountants’ Trust for Education and Research, a registered charity, which owns the library and operates it for ICAEW.