Financial statements are prepared on basis that a business will continue to operate for the foreseeable future ie, that it is a going concern. Our guidance outlines who is responsible for ensuring that the going concern basis is appropriate, offers practical advice on how to make this assessment, and explains the implications for the accounts.
19 July 2020: When it comes to the 2020 accounts, the FRC is recommending companies provide full disclosure.
New guidance from ICAS, ICAEW and PRAG on the implications of COVID-19 on pension scheme financial reports and audit.
Factors to consider when doing a going concern assessment and the practical implications for financial reporting.
A 20-minute webcast exploring the financial reporting implications of COVID-19 for micro-entities.
In this short webcast, ICAEW’s Financial Reporting Faculty provides an overview of the financial reporting implications of COVID-19.
1 April 2020: the disruption caused by coronavirus has led the Charities SORP-making body to issue a new set of guidelines
30 March 2020: the Financial Reporting Council has published guidance for companies preparing financial statements and a bulletin for auditors covering factors to be taken into account when carrying out audits during the current COVID-19 crisis.
As coronavirus continues to spread and more information comes to light about the nature of the virus and its impact, companies with 2019 and early 2020 year-ends need to consider how it affects their business and how the effects should be reported in the accounts. This guide is primarily aimed at those entities preparing accounts in accordance with FRS 102.