16 April 2020: The International Public Sector Accounting Standards Board (IPSASB) has issued a Q&A publication
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.
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.
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.
27 March 2020: Employers do not have to report gender pay gaps for 2019/20 following a government announcement that the deadlines were suspended for this reporting year
26 March 2020: Companies may apply for an automatic and immediate three-month extension to their filing deadlines. Find out more, plus how to change reporting dates.
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)
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 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.
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.
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.
This update considers the potential impact of COVID-19 on the yet to be published annual reports and financial statements of charities.
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.
Actions to mitigate the impact of COVID-19 on the EU financial markets regarding publication deadlines under the Transparency Directive
Statement from the European Securities and Markets Authority (ESMA) announcing financial reporting extensions, with listed companies now given two extra months to publish annual financial statements.
The Financial Conduct Authority (FCA) has announced a temporary relief which will permit listed companies that need extra time to complete their audited financial statements an additional two months to publish them. It also confirms that the voluntary moratorium on publication of preliminary statements of account (prelims) can end on 5 April 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.
Any charity that needs an extension to their annual return deadline can contact the Charity Commission to ask for one.
Advice for charities that need a filing extension to their annual return deadline, with details of a helpline to contact.