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.
Financial reporting news and insights
Discover the latest news and developments in financial reporting from ICAEW’s Financial Reporting Faculty.
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.
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.
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
11 November 2020: This factsheet highlights new and modified requirements effective 1 January 2020 and beyond, and includes practical guidance on recent amendments for rent concessions and IBOR reform.
11 November 2020: A peer review report issued by the European Securities and Markets Authority has highlighted important deficiencies in the German supervision of Wirecard’s financial reporting. The findings feed into a broader reflection on the state of the EU’s supervisory architecture.
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.
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.