25 November 2020: A review by FRC into audits conducted for 2019/20 year ends found that auditors had taken on board enhanced policies and procedures for assessing going concern.
2020/21 Reporting Season
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?
24 November 2020: To help members think through how to approach the upcoming reporting season, ICAEW has produced a flowchart of six business questions (and accounting consequences) for 2020 year ends.
24 November 2020: The Financial Reporting and Audit and Assurance faculties’ going concern and resilience event highlighted some of the issues preparers and auditors are facing in relation to going concern.
23 November 2020: We know that the 2020/21 reporting season is going to be tough for many, but do we know how we are going to cope with it? Isabelle Campbell, CABA Trainer and Coach (and also Commercial Finance Director and Chartered Accountant), urges members to write mental health into the equation.
20 November 2020: Sophie Parkhouse, partner with responsibility for technical and training at Albert Goodman, talks ICAEW Insights through the tricky role for the medium-sized practitioner during the 2020-21 reporting season.
19 November 2020: FRC’s recent thematic review into IAS7 finds frequent errors in cashflow statements.
17 November 2020: The European Securities and Markets Authority has highlighted the need for timely disclosures on the consequences of the pandemic in annual financial reports as part of next year’s enforcement priorities.
13 November 2020: The Financial Reporting Council has encouraged companies to consider whether they should lengthen their reporting timetables for 20/21 in line with the extension to reporting deadlines
6 November 2020: The COVID-19 pandemic may place subsidiaries in financial difficulty, leading to a greater need for letters of support. ICAEW has produced a guide to help auditors navigate this potentially complex topic.
5 November 2020: COVID-19's business impacts require accountants to bear in mind impairment and valuation of clients' assets while preparing year-end reports, a recent ICAEW webcast explained.