Uncertain times

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Outlining key findings from the Financial Reporting Lab's reports on reporting in times of uncertainty and s172 disclosures.

Why post-pandemic we all need to build back with purpose

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Jane Portas reflects on key issues to remember as we recover from the pandemic.

Social justice movements reach the boardroom in 2020

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Writing for the Financial Services Faculty, Carlos Tornero assesses whether the social justice movements of 2020 have changed decision-making in corporate boardrooms.

Three Things We Learned About Corporate Governance in 2020

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This challenging year was an inflection point for companies from a corporate governance perspective. As we look towards 2021, we reflect on key learnings from 2020.

2020/21 Reporting Season: the impact of COVID-19 on narrative reporting

3 December 2020: Annual reports provide an opportunity for companies to communicate how they have adapted to face the challenges of COVID.

FRC review of corporate governance reporting: lessons for COVID-19

2 December 2020: The revised corporate governance code set new expectations for premium listed companies. However, the changes haven’t prevented the FRC’s annual criticism of corporate governance reporting.

How and when should companies start spending their huge cash reserves?

Corporate liquidity has hit record levels this year as companies sit on a huge cash reserve, bolstered by government emergency funding. We look at how and when businesses might resume investing for an economic recovery.

Michael Izza - new regulator’s powers must be clear and proportionate

If the government launches its consultation before Christmas a major reform agenda will come in the first quarter of 2021, says Michael Izza

NAO criticises disarray in government COVID-19 procurement

19 November 2020: 8,600 pandemic-related contracts worth £18bn were entered into in the period up to 31 July 2020, but a lack of transparency in how they were awarded has given rise to serious concerns about how public money has been spent.

Accountants must be wary of COVID-support fraud

12 November 2020: Following claims of fraudulent activity around government support schemes, chartered accountants should turn to their code of ethics to assess and manage their potential exposure to ethical and reputational risk.

Audit and Beyond November 2020

View the articles from the November edition of Audit & Beyond.

2020/21 Reporting Season: both a challenge and an opportunity

3 November 2020: Reporting on 2020 will be a challenge. The Financial Reporting Council Lab acknowledges this but also flags opportunities for the development of investor information despite the uncertainty.

Technical Updates October 2020

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Our roundup of regulatory news.

Technical news in brief August 2020

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ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics. Please note Only Audit and Assurance Faculty members and Faculties Online subscribers have access to these technical updates.

How to report on irregularities, including fraud, in the auditor’s report – a guide for auditors

This Know-How guide from ICAEW’s Audit and Assurance Faculty covers what irregularities are, how the requirements have changed in ISA (UK) 700 (Revised January 2020), what should be reported on in the auditor’s report, and how COVID-19 may impact what is reported.

Diversity drives corporate governance reform

ICAEW interviews Vassilios Kaminaris, Partner at EY in Greece and staunch advocate of diversity, on new legislation requiring 25% of board members to be women.

Technical news in brief July 2020

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ICAEW's Audit and Assurance Faculty brings you the latest technical updates on developments in auditing and assurance, financial reporting and ethics. Please note Only Audit and Assurance Faculty members and Faculties Online subscribers have access to these technical updates.

Developing the right culture

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Ensuring your business culture does not lead to loss

Special Report 68: Commercial Insight

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This special report explores how to be more commercial to add value and generate profit for your firm.

Audit and Beyond September 2020

View the articles from the September edition of Audit & Beyond.

Company Guidance (Updated 4 December 2020) (COVID-19)

Consolidated guidance issued by the FRC for companies on corporate governance and reporting. The document covers management information, risk management and internal controls systems, dividends and capital maintenance, corporate reporting, the strategic report, viability statement, and financial statements. It supersedes previous guidance.

Going concern, risk and viability: COVID-19 and reporting in times of uncertainty – a look forward

Updated report produced by the FRC's Financial Reporting Lab which highlights three key areas of disclosure and updates on recent developments in corporate reporting, with practical examples from actual reports and presentations released by companies since June 2020.

Resources, action, the future: COVID-19 and reporting in times of uncertainty – a look forward

Updated report produced by the FRC's Financial Reporting Lab which explores current disclosure practices and how corporate reporting is developing, with practical examples from actual reports and presentations released by companies since June 2020.

Summary of Covid-19 Financial Reporting Considerations

Overview produced by IFAC highlighting key financial reporting challenges and implications from COVID-19 with analysis and links to further resources. The summary covers going concern, events after the reporting period, fair value measurement and impairment of non-financial assets, expected credit losses, lease accounting, hedge accounting, deferred tax assets, revenue recognition, and interim financial reporting.

Disincorporation and downsizing: Get the details right

In this AccountingWEB article, Mark McLaughlin examines key considerations for company owners when disincorporating their business due to the impact of COVID-19. It looks at options for dispensing with the company and tax issues around transfer of closing trading stock, capital allowances, VAT, capital gains on transfer of chargeable assets, SDLT, and intangible fixed assets. Part 2 of the article continues with discussion of distributions on winding up, the targeted anti-avoidance rule (TAAR), tax avoidance motives, transactions in securities, and IHT.

Modern slavery reporting during the coronavirus (COVID-19) pandemic

Guidance issued by the Home Office announcing that businesses which need to delay the publication of their modern slavery statement by up to six months due to coronavirus-related pressures will not be penalised. It also highlights specific issues to consider in addressing modern slavery risks during the pandemic.

Good practice for virtual board and committee meetings

Guidance note issued by ICSA on the use of virtual meetings, which aims to help companies struggling with the impact of COVID-19. The document discusses how to choose the right technology and communication channel (including a comparison of virtual meeting providers), how to organise and structure virtual meetings, suggested ground rules for participants, alternatives to meetings, and notes for the Chair, the Company Secretary and presenters.

AGMs and impact of COVID-19

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.

Statement of Policy: Delaying annual company accounts during the coronavirus crisis

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.