Reporting on 2020/21 will be a challenge but there may also be opportunities for the development of corporate information despite the uncertainty. What do shareholders, investors and other stakeholders want from corporate reporting at this difficult time?
This flowchart helps to assess the impact of COVID-19 and Brexit on businesses and the implications for 2020/21 financial reporting.
2 March 2021: With new listed company reports for 2020 being issued every day at this time of year, this is a good time to take stock of what those reports reveal about the pandemic’s impact.
22 February 2021: As auditors turn their attention to 31 December 2020 year end audits, ICAEW’s Audit and Assurance Faculty reminds auditors of two key audit report changes affecting audits of financial statements of periods commencing on or after 15 December 2019.
10 February 2021: Reporting season might have been complicated by COVID but, says Joe Scaife, Head of Audit and Assurance at Bishop Fleming, you can achieve the same objectives in different ways.
4 February 2021: The IFRS Foundation has published a document designed to help preparers of IFRS accounts through the intricacies of applying going concern requirements, in response to the current volatile economic conditions.
28 January 2021: Bob Neate is Head of Audit at Mazars. He says that despite the challenges of sequential lockdowns, auditors are there to protect stakeholders and clients, even when difficult questions must be asked.
13 January 2021: With a difficult year behind them, the upcoming reporting season is likely to cause further issues for both retailers and their auditors. We speak to Jacqui Baker, boutique owner and Audit Director at RSM UK Audit, about year ends, going concern and wellbeing.
4 January 2021: ICAEW’s Technical Advisory Service answer some of the most frequently asked accounting and auditing issues.
17 December 2020: Understanding Brexit risk factors is now particularly important given the additional risk of COVID. Entities and auditors will need to analyse and understand the combined impact of these two events.
16 December 2020: Network Rail had to prepare its 2019/20 accounts as the UK first went into lockdown. Its group chief accountant explains what it taught the team.
15 December 2020: ICAEW’s Financial Reporting Faculty’s short guide looks at the main areas of focus.
Some of the resources below are only open to ICAEW members.
Auditors will need to consider how Brexit-related risks could impact on the firms they are auditing. Our guide provides a framework for that analysis.
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.
An overview of the relevant requirements, challenges and developments in risk assessment.
Applying the materiality requirements in International Standards on Auditing (ISAs) can be challenging. As highlighted in inspection findings, reviews and from experience in practice, it’s an area where improvement could be made.
ISA 540 (Revised) Auditing accounting estimates and related disclosures is effective for audits of financial statements for periods beginning on or after 15 December 2019.
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The IAASB has issued ISA 540 (Revised) Auditing accounting estimates and related disclosures. There are some changes and new requirements in ISA 540 (Revised) that are likely to prove more challenging for auditors to implement.
Factors to consider when preparing financial statements – updated for 2020 and early 2021 year ends.
Factors to consider when doing a going concern assessment and the practical implications for financial reporting.
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Technical helpsheet issued to help ICAEW and Financial Reporting Faculty members account for COVID-19 support schemes.
Why going concern is important for the accounts and how to make the assessment.
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To aid preparers of accounts, a webinar summarising key findings from the FRC’s Annual Review of Corporate Reporting and recent thematic reviews.