FINANCIAL REPORTING
Financial Reporting News
Financial Reporting News
Comments on FRED 84 are requested by 31 December 2023. The FRC expects to finalize the proposed amendments in the first half of 2024, alongside the amendments arising from the current periodic review of FRS 102 and other FRSs.
The FRC have also issued a project update on its periodic review of UK and Ireland accounting standards which proposed significant amendments to FRS 102 and FRS 105 affecting revenue recognition, lease accounting, and a number of other incremental improvements and clarifications. The FRC currently expects to issue the final amendments to FRS 102 and other FRSs in the first half of 2024, with an effective date not before 1 January 2026.
At the World Investment Forum in Abu Dhabi on 16th October three global bodies, ACCA, IFAC and IDI launched a summary of their forthcoming introduction to sustainability and assurance in the public sector.
Based on their ongoing work and recent global roundtables with public sector reporting and auditing experts, the report makes the case for a focus on the principle of sustainable development: “meeting the needs of the present without compromising the ability of future generations to meet their own need.” It outlines what sustainability reporting and assurance mean for the public sector, why they are important, and key principles for governments, SAIs and other public sector bodies to consider in this journey.
- The annual Public Statement setting out the European common enforcement priorities (ECEP) for the 2023 annual financial reports.
- A Report dealing with the disclosure of climate-related matters in financial statements- The Heat is On: Disclosures of Climate-Related Matters in the Financial Statements.
- A Report setting out the results of a fact-finding exercise on corporate reporting practices under the Taxonomy Regulation.
In its Annual Review of Corporate Reporting, the FRC has reported the findings from its monitoring activities, together with its expectations for the coming reporting season. It reviewed 263 company reports and wrote to 112 companies with questions about their accounts.
Following FRC enquiries, 25 companies were required to restate aspects of their accounts.
The most frequently raised issues identified by the FRC related to impairments, and judgements and estimates. This reflects the ongoing economic uncertainties companies need to factor into their financial reporting and the need for detailed explanations to help users understand the positions taken.
This event has been recorded and is available here.