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Development of TECH 04/20CFF Guidance for preparers of prospective financial information

This new guidance was developed by an expert working group convened by ICAEW’s Corporate Finance Faculty. The working group drew on its experience of issuers’ preparation of prospective financial information and of the associated regulatory requirements, to develop up-to-date, practical guidance.

ICAEW’s technical release 04/20CFF, Guidance for preparers of prospective financial information replaces Prospective financial information: Guidance for UK directors which will be withdrawn from 15 October 2020.

The new guidance is designed to be applied when preparing all PFI - any financial information with a future date attached.

The commentary and examples of best practice provided by the working group were outlined to and discussed with UK and European regulators, and major market participants, by way of two public consultation exercises and pre-consultations. 

Consultation papers and responses, and ICAEW’s feedback

  1. Consultation on prospective financial information, published in July 2017, was an exploration of the need for, and scope of, up-to-date guidance.

    Comments were received in writing and by way of meetings and roundtables. Below are the non-confidential responses we received:

    Feedback on explanation of how the working group addressed comments received is included in section 5 of the second consultation paper (see 2.).

  2. Consultation on guidance for preparers of prospective financial information, published in December 2018, included proposed new guidance in the form of an Exposure Draft. The Exposure Draft proposed a revised framework of principles for preparing prospective financial information and general guidance to support preparation of any financial information that relates to a future period.

    Comments were received in writing and by way of meetings and roundtables. Non-confidential responses are below:

    Read the Feedback Statement on how comments received were addressed in the technical release.
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