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SIRs 4000 Mar 2020
The Financial Reporting Council (FRC) is the UK's independent regulator responsible for promoting high quality corporate governance and reporting to foster investment. The FRC sets the UK Corporate Governance and Stewardship Codes and UK standards for accounting and actuarial work; monitors and takes action to promote the quality of corporate reporting; and operates independent enforcement arrangements for accountants and actuaries. As the Competent Authority for audit in the UK the FRC sets auditing and ethical standards and monitors and enforces audit quality.
The FRC does not accept any liability to any party for any loss, damage or costs howsoever arising, whether directly or indirectly, whether in contract, tort or otherwise from any action or decision taken (or not taken) as a result of any person relying on or otherwise using this document or arising from any omission from it.
© Financial Reporting Council Limited 2020 The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered Office: 8th Floor, 125 London Wall, London EC2Y 5AS
- Preface
- Introduction
- The nature of pro forma financial information
- Engagement acceptance and continuance
- Agreeing the terms of the engagement
- Planning and performing the engagement
- Reporting
- Appendix 1: Reporting Accountant Criteria
- Introduction
- 3. Financial Performance
- Section 2.1 Overview
- 1. 2024/25 highlights
- Governance
Preface
SIR 1000 “Investment reporting standards applicable to all engagements in connection with an investment circular” contains basic principles and essential procedures (“Investment Reporting Standards”) that are applicable to all engagements involving an investment circular, prepared for issue in connection with a securities transaction governed wholly or in part by the laws and regulations of the United Kingdom.
SIR 4000 contains specific additional Investment Reporting Standards, indicated by paragraphs in bold type, with which a reporting accountant is required to comply in the conduct of an engagement to report on pro forma financial information, which is included within an investment circular prepared for issue in connection with a securities transaction governed wholly or in part by the laws and regulations of the United Kingdom.
SIR 4000 also includes explanatory and other material, including appendices, in the context of which the Investment Reporting Standards are to be understood and applied. It is necessary to consider the whole text of the SIR to understand and apply the basic principles and essential procedures.
The definitions in the glossary of terms set out in Appendix 3 of SIR 1000 are to be applied in the interpretation of this and all other SIRs. Terms defined in the glossary are underlined the first time that they occur in the text.
To assist readers, SIRs contain references to certain legislation, regulations and the FCA Handbook. Readers are cautioned that these references may change subsequent to publication.
Introduction
1The purpose of this SIR is to establish specific additional Investment Reporting Standards and provide guidance for a reporting accountant engaged to report publicly on pro forma financial information to be included in an investment circular under the FCA's Prospectus Regulation Rules Sourcebook, the Listing Rules, or if required in respect of an AIM Admission Document.
2An engagement to report publicly on the proper compilation of pro forma financial information is a public reporting engagement as described in SIR 1000. The description of a public reporting engagement includes three generic terms having the following meanings in the context of an engagement to report on the proper compilation1 of pro forma financial information:
I. with respect to pro forma financial information the “subject matter" is the impact that the transaction would have had on the earnings of the issuer (assuming that the transaction had been undertaken at the commencement of the financial period used for the illustration) or on the assets and liabilities of the issuer (assuming that the transaction had been undertaken at the end of the financial period used for the illustration); II. "suitable criteria” to be used by directors in the preparation of the pro forma financial information are provided by the requirements of the FCA's Prospectus Regulation Rules Sourcebook.2 In forming its opinion as to whether the pro forma financial information has been properly compiled the reporting accountant considers whether certain of those criteria (“reporting accountant's criteria") have been properly applied. Reporting accountant's criteria are set out in Appendix 1 of this SIR; and III. with respect to pro forma financial information the “outcome”3 is the pro forma financial information and related disclosures that are included in the investment circular and on which the reporting accountant expresses an opinion (in the "reporting accountant's report") as to whether that information is properly compiled on the basis stated and whether such basis is consistent with the accounting policies of the issuer.
The nature of pro forma financial information
3Under Prospectus Regulation Rules4, a company which issues a prospectus must, in the case of a ‘significant gross change’, include a description of how the transaction might have affected the assets and liabilities and earnings of the issuer, had the transaction been undertaken at the commencement of the period being reported on, or at the date reported. This requirement will ‘normally’ be satisfied by the inclusion of pro forma financial information, which is a hypothetical illustration of the impact of a transaction or transactions on an issuer's assets, liabilities and earnings. A ‘significant gross change’ means a variation of more than 25% to one or more indicators of the size of the issuer's business.
4If a premium listed company includes pro forma financial information in a class 1 circular, a related party circular or a circular relating to the purchase by the company of 25% or more its issued equity shares (excluding treasury shares), it must comply with the requirements for pro forma financial information set out in the Prospectus Regulation.5
5For the purpose of this SIR “pro forma financial information” is defined to include financial information such as net assets, or profits that demonstrate the impact of a transaction on previously published financial information together with explanatory notes. In accordance with Prospectus Regulation Rules the pro forma financial information must be accompanied by introductory text setting out: its purpose, including a description of the transaction or significant commitment and the businesses or entities involved; the period or date which it covers; and the fact that the financial information has been prepared for illustrative purposes only.. The pro forma financial information must also be accompanied by an explanation that it illustrates the impact of the transaction as if the transaction had been undertaken at an earlier date; and, that the hypothetical financial position or results included in the pro forma financial information may differ from the entity's actual financial position or results.6
6The Institute of Chartered Accountants in England and Wales (ICAEW) issues and periodically updates “Guidance for preparers of pro forma financial information” (the “ICAEW Guidance”).7 The ICAEW guidance does not deal with the role of reporting accountants.
Compilation process
7The compilation of pro forma information is the gathering, classification, summarisation and presentation of relevant financial information illustrating the impact of a relevant transaction as if the transaction had been undertaken at an earlier date. The process followed by the preparer would be expected to include the following:
- the accurate extraction of information from sources permitted under the Prospectus Regulation Rules;
- the making of adjustments to the source information that are arithmetically correct, appropriate and complete for the purpose for which the pro forma financial information is presented;
- arithmetic computation of the pro forma information;
- consideration of consistency of accounting policies;
- appropriate disclosure to enable the intended users to understand the pro forma financial information; and
- appropriate consideration of the pro forma financial information and approval by the directors of the entity.
Engagement acceptance and continuance
8When accepting or continuing an engagement to report publicly on pro forma information, the reporting accountant ascertains whether the directors intend to comply with all relevant regulatory requirements, in particular those that constitute the reporting accountant's criteria set out in Appendix 1 of this SIR.
Agreeing the terms of the engagement
9Examples of engagement letter clauses are set out in Appendix 3 of this SIR.
Legal and regulatory requirements
10The Prospectus Regulation Rules require any pro forma financial information included in a prospectus to be reported on by independent accountants or auditors (referred to in this SIR as the "reporting accountant") and specifies the form of opinion to be given. The Listing Rules applicable to companies applying for, or already with a Premium Listing require any pro forma financial information included in a Class 1 circular, a related party circular or a circular relating to the purchase by the company of 25% or more of its issued equity shares (excluding treasury shares) to be reported on in the same way.8 References in the SIR to the Prospectus Regulation Rules apply equally to the Listing Rules where those Rules apply.
11In a hostile takeover, where an offeror does not have access to the relevant offeree information, the FCA “would not normally expect to see pro forma financial information" included in either a Class 1 circular or prospectus, because it is not normally possible for the reporting accountant to confirm that the information is compiled on a consistent basis with the accounting policies of the issuer. In those cases, the relevant requirements are addressed via a narrative description covering the expected effect of the takeover or merger on the earnings or assets and liabilities of the group rather than through the use of pro forma financial information.9
12Any pro forma financial information included in a prospectus (whether or not there has been a significant gross change) must be prepared in accordance with the prospectus regulations, including an accountant's report. This includes pro forma financial information included in a prospectus on a voluntary basis.10
13Appendices 1 and 2 to this SIR set out those provisions of the Prospectus Regulation Rules that provide the suitable criteria for directors. Those provisions that constitute criteria for a reporting accountant expressing an opinion on whether the pro forma information has been properly compiled are set out in Appendix 1 of this SIR.
Planning and performing the engagement
14The reporting accountant shall obtain an understanding of the key factors affecting the subject matter sufficient to identify and assess the risk of the pro forma financial information not being properly compiled and sufficient to design and perform evidence gathering procedures including:
i. the nature of the transaction (or transactions) being undertaken by the issuer; ii. the entity's business; and iii. the procedures adopted, or planned to be adopted, by the directors for the preparation of the pro forma financial information. (SIR 4000.1)
15The reporting accountant gains an understanding of the transaction, in respect of which the pro forma financial information is being prepared, by discussion with the directors or management of the issuer and by reading relevant supporting documentation.
16The reporting accountant uses professional judgment to determine the extent of the understanding required of the entity's business for the purposes of reporting on the pro forma financial information.
17Other matters for consideration by the reporting accountant include the availability of evidence to provide factual support for the proposed adjustments and the accounting policies that will form the basis of the adjustments to the pro forma financial information.
Materiality
18The reporting accountant shall consider materiality and public reporting engagement risk in planning its work in accordance with its instructions and in determining the effect of its findings on the report to be issued. (SIR 4000.2)
19Matters are material if their omission or misstatement could, individually or collectively, influence the economic decisions of the intended users of the pro forma financial information. Materiality depends on the size and nature of the omission or misstatement judged in light of the surrounding circumstances. The size or nature of the matter, or a combination of both, could be the determining factor.
20A misstatement in the context of the compilation of pro forma financial information includes, for example:
- Use of an inappropriate source for the unadjusted financial information;
- Incorrect extraction of the unadjusted financial information from an appropriate source;
- In relation to adjustments, the misapplication of accounting policies or failure to use the accounting policies adopted in the last, or to be adopted in the next, financial statements;
- Omission of an adjustment required by relevant regulations;
- Making an adjustment that does not comply with the relevant regulations;
- A mathematical or clerical mistake;
- Inadequate, or incorrect or omitted disclosures.
21Evaluating whether an omission or misstatement could influence economic decisions of the intended users of the pro forma financial information, and so be material, requires consideration of the characteristics of those intended users. The intended users are assumed to:
i. Have a reasonable knowledge of business and economic activities and accounting and a willingness to study the pro forma financial information with reasonable diligence; ii. Understand that pro forma financial information addresses a hypothetical situation and therefore does not represent the company's actual financial position or results; iii. Understand that pro forma financial information is prepared, presented and reported on to levels of materiality; iv. Recognise the uncertainties inherent in the measurement of amounts based on the use of estimates, judgment and the consideration of future events; and v. Make reasonable economic decisions on the basis of the pro forma financial information included as part of the investment circular.
The determination of materiality, therefore, takes into account how intended users with such characteristics could reasonably be expected to be influenced in making economic decisions.
Public reporting engagement risk
22"Public reporting engagement risk” is the risk that the reporting accountant expresses an inappropriate opinion when the pro forma financial information has not been properly compiled on the basis stated or that basis is not consistent with the accounting policies of the issuer.11
23The reporting accountant shall obtain sufficient appropriate evidence that the pro forma financial information is free from material error in its compilation by:
- checking that the unadjusted financial information of the issuer has been accurately extracted from a source that is both appropriate and in accordance with the relevant regulation;
- obtaining evidence that the directors have applied the criteria set out in Appendix 1 of this SIR and that the adjustments are appropriate and complete, for the purpose for which the pro forma financial information is presented; and
- checking that the calculations within the pro forma financial information are arithmetically correct. (SIR 4000.3)
24Item 2.2 of Annex 20 of Commission Delegated Regulation (EU) 2019/980 permits pro forma financial information to be published only in respect of:
i. the last completed financial period; and/or ii. the most recent interim period for which relevant unadjusted information has been published or is included in the same investment circular, registration document and/or prospectus.
Unadjusted financial information of the issuer
25The reporting accountant shall consider whether the period in respect of which the pro forma financial information is proposed to be published is permitted under the Prospectus Regulation Rules. (SIR 4000.4)
26The reporting accountant shall consider whether the source of the unadjusted financial information for the issuer is appropriate and whether the source of the unadjusted financial information is clearly stated. (SIR 4000.5)
27The source from which the unadjusted financial information has been extracted may be interim financial statements that have not been audited or reviewed whereas the entity's financial statements for the immediately preceding financial year may have been audited. Where the unadjusted financial information has not been extracted from audited or reviewed financial information, the following procedures may be performed by the reporting accountant, in relation to the appropriateness of the source from which the unadjusted financial information has been extracted:
- inquiring of the directors about:
- The process by which the source has been prepared and the reliability of the underlying accounting records to which the source is agreed or reconciled.
- Whether all transactions have been recorded.
- Whether the source has been prepared in accordance with the entity's accounting policies.
- Whether there have been any changes in accounting policies from the most recent audited or reviewed period and, if so, how such changes have been dealt with.
- Its assessment of the risk that the source may be materially misstated as a result of fraud.
- The effect of changes in the entity's business activities and operations.
- If the reporting accountant has audited or reviewed the immediately preceding annual or interim financial information, considering the findings of such audit or review and whether these might indicate any issues with the preparation of the source from which the unadjusted financial information has been extracted.
- Corroborating the information provided by the directors in response to the reporting accountant's inquiries when the responses appear inconsistent with the reporting accountant's understanding of the entity or the engagement circumstances.
- Comparing the source with the corresponding prior period financial information and, as applicable, the immediately preceding annual or interim financial information, and discussing significant changes with the directors.
28The reporting accountant is not required to perform specific procedures on the unadjusted financial information of the issuer other than as described in paragraph 26. However, if the reporting accountant has reason to believe that the unadjusted financial information is, or may be, unreliable, or if a report thereon has identified any uncertainties or disagreements, the reporting accountant considers the effect on the pro forma financial information.
29Factors that affect the appropriateness of the source from which the unadjusted financial information has been extracted include whether there is an audit or review report on the source and whether the source:
i. is clearly identifiable; and ii. represents a reasonable starting point for compiling the pro forma financial information in the context of the transaction, including whether it is at an appropriate date or covers and appropriate period.
Adjustments
30Item 2.3 of Annex 20 of Commission Delegated Regulation (EU) 2019/980 requires pro forma adjustments to:
- be clearly shown and explained;
- present all significant effects directly attributable to the transaction; and
- be factually supportable.
31In addition, in respect of a pro forma profit and loss, they must be clearly identified as between those adjustments which are expected to have a continuing impact on the issuer and those which are not.
32More detailed guidance for directors concerning the implementation of these requirements is provided by the ESMA Prospectus Recommendations, ESMA PD Prospectus Q&A, ESMA PR Q&A, FCA Technical Notes12 and ICAEW Guidance.
33The reporting accountant considers the way in which the directors have fulfilled their responsibilities. With its understanding of the transaction and the entity's business as background the reporting accountant discusses with the directors the steps they have taken to identify relevant adjustments and whether such adjustments are permitted to be made.
34The reporting accountant obtains evidence regarding whether the directors have appropriately identified the necessary pro forma adjustments through a combination of procedures such as:
- Evaluating the directors' approach to identifying the appropriate pro forma adjustments.
- Inquiring of relevant parties within an acquiree regarding the approach to extracting the acquiree financial information.
- Evaluating specific aspects of the relevant contracts, agreements or other documents.
- Inquiring of the entity's advisors regarding specific aspects of the event or transaction and related contracts and agreements that are relevant to the identification of appropriate adjustments.
- Examination of the sale/purchase agreement, together with the description of the transaction in the Investment Circular.
- Evaluating relevant analyses and worksheets prepared by the directors and other entity personnel involved in compiling the pro forma financial information.
- Obtaining evidence of the directors' oversight of other entity personnel involved in compiling the pro forma financial information.
35In the case of a divestment, matters for the reporting accountant to consider include, for example, whether income and expenses attributable to the divestee that are recorded at the consolidated level have been appropriately reflected in the pro forma adjustments.
36If, as a result of these procedures and enquiries, the reporting accountant becomes aware of a significant adjustment which, in its opinion, ought to be made for the purposes of the pro forma financial information it discusses the position with the directors of the issuer and, if necessary, the issuer's advisers. If the reporting accountant is not able to agree with the directors and the issuer's advisers as to how the matter is to be resolved, it considers the consequences for its report.
37The reporting accountant considers the adjustments to assess whether they are “directly attributable" to the transaction whose impact is being illustrated by the pro forma financial information, that is, they are an integral part of the transaction concerned. If a potential adjustment is not directly attributable to the transaction or transactions described in the investment circular, it cannot be made (although it may be appropriate to disclose by way of note to the pro forma financial information the nature of a prohibited potential adjustment and the effect it would have had if it had been permissible to include it).
38In assessing whether adjustments are directly attributable to the transaction the reporting accountant considers whether the adjustments relate to future events and/or decisions. This is because adjustments that are related to the transaction being illustrated but which are dependent on actions to be taken once the transaction has been completed, cannot be said to be “directly attributable".
39The reporting accountant considers whether the adjustments have been clearly shown and explained and, in respect of a pro forma profit and loss account, whether they have been clearly identified as to those which are expected to have a continuing impact on the issuer (that is, relate to events or circumstances that are expected to recur) and to those which are not.
40The reporting accountant obtains sufficient appropriate evidence that the directors of the issuer have factual support for each adjustment. Sources of such evidence could include (for example):
- published financial statements;
- other financial information or valuations disclosed elsewhere in the investment circular;
- purchase and sale agreements and other agreements relating to the transaction.
Omitted adjustments
41In view of the specific restrictions on the nature of the adjustments permitted to be made under item 2.3 of Annex 20 of Commission Delegated Regulation (EU) 2019/980, the directors may not be permitted to make all the adjustments that they would otherwise wish to. For example, an adjustment which is directly attributable but which is not factually supportable could not be included in pro forma financial information.
42If any adjustments are excluded because of the requirements of the prospectus regulations for adjustments to be factually supportable, the reporting accountant considers the effect on the pro forma financial information and in particular whether the exclusion renders the pro forma financial information misleading. In such circumstances, the reporting accountant may consider that disclosure in the notes to the pro forma financial information of the fact that such an adjustment has not been made is sufficient in the context of the overall purpose of the pro forma financial information.
43However, if the reporting accountant concludes that an omitted adjustment is so fundamental as to render the pro forma statement misleading in the context of the investment circular, it discusses the matter with the directors and, if necessary, the issuer's advisers and in the event that acceptable changes to the disclosures are not made, considers whether it is able to issue its report.
Checking the calculations
44The reporting accountant ascertains whether the adjustments made in the pro forma financial information are included under the appropriate financial statement caption as well as the arithmetical accuracy of the calculations within the pro forma financial information itself.
Consistent accounting policies
45The reporting accountant shall evaluate whether the adjustments made to the unadjusted financial information are consistent with the accounting policies adopted in the last, or to be adopted in the next, financial statements of the entity presenting the pro forma financial information. (SIR 4000.6)
46Where the reporting accountant is not the auditor of the issuer or has not otherwise reported on the financial information relating to the subject of the transaction, it evaluates the steps taken to ensure that the pro forma financial information has been prepared in a manner consistent with the accounting policies of the issuer.13
Presentation of pro forma financial information
47The reporting accountant shall consider whether it has become aware of anything to cause it to believe that the pro forma financial information is presented in a way that is not understandable or is misleading in the context in which it is provided. If the reporting accountant is aware of such matters it should discuss them with the parties responsible for the pro forma financial information and with those persons to whom its report is to be addressed and consider whether it is able to issue its report. (SIR 4000.7)
48The reporting accountant reads the pro forma financial information to assess whether:
i. as required by item 1.1 (a) of Annex 20 of Commission Delegated Regulation (EU) 2019/980, the pro forma financial information includes a description of the transaction or significant commitment and the businesses or entities involved; the period or date which it covers; and the fact that the financial information has been prepared for illustrative purposes only. The pro forma financial information must also be accompanied by an explanation that it illustrates the impact of the transaction as if the transaction had been undertaken at an earlier date; and, that the hypothetical financial position or results included in the pro forma financial information may differ from the entity's actual financial position or results. ii. in accordance with the normal form of presentation under item 1.1 (b) of Annex 20 of Commission Delegated Regulation (EU) 2019/980, the pro forma financial information is presented in columnar format composed of (a) the historical unadjusted information, (b) accounting policy adjustments, where necessary; (c) the pro forma adjustments and (d) the results of the pro forma financial information in the final column; and iii. disclosures, in the notes to the pro forma financial information, concerning omitted adjustments are satisfactory.
49The reporting accountant considers the relevant guidance for preparers of pro forma financial information, including:
Even where pro forma financial information satisfies the regulatory conditions relating to its preparation, it could still be misleading if it gives users of the investment circular a view of the effect of the transaction on the unadjusted information contrary to that which ought reasonably to be given if the illustration appropriately reflects the effect and, thereby materially affects users' assessment of the transaction. The action of 'standing back' and considering pro forma financial information....can safeguard against this risk.14
Representation letter
50Examples of management representation letter clauses are set out in Appendix 4 of this SIR.
Reporting
Responsibilities
51In all reports on pro forma financial information in investment circulars the reporting accountant shall explain the extent of its responsibility in respect of the pro forma financial information by including in its report:
- a statement that the reporting accountant's responsibility is to form an opinion (as required by the applicable regulatory requirements) on the proper compilation of the pro forma financial information and to report its opinion to the addressees of the report; and
- a statement that the pro forma financial information is the responsibility of the directors. (SIR 4000.8)
Basis of preparation of the pro forma financial information
52The reporting accountant shall include a basis of preparation section of its report that cross refers to disclosures that explain the basis of preparation of the pro forma financial information.15 (SIR 4000.9)
53The basis of preparation section of the report will make clear whether the accounting policies applied in the preparation of the pro forma information are those adopted by the entity in preparing the last published financial statements or those that it plans to adopt in the next published financial statements.
Expression of opinion
54The report on the pro forma financial information shall contain a clear expression of opinion that complies with applicable regulatory requirements. (SIR 4000.10)16
55In forming its opinion, the reporting accountant takes account of those events which the reporting accountant becomes aware of occurring up to the date on which the reporting accountant signs the report, that affect the opinion expressed in the report.
56In providing the opinion required by the Prospectus Regulation the reporting accountant's assurance does not extend to any source financial information on which the pro forma financial information is based beyond that opinion. In particular, the reporting accountant is not refreshing or updating any opinion that it may have given in any other capacity on that source financial information.
57The investment circular in which the reporting accountant's report is included may be made available in other countries, which have their own standards for accountants when reporting on pro forma financial information. In such circumstances, the reporting accountant considers whether to include a reference to the fact that a report issued in accordance with the SIRs should not be relied upon as if it had been issued in accordance with the standards applicable in that other country. An example of such a reference is included in the example report set out in Appendix 5 of this SIR.
Modified Opinions
58In the event that the reporting accountant concludes that it is unable to report in the manner prescribed it considers, with the parties to whom it is to report, whether the pro forma financial information can be amended to alleviate its concerns or whether the pro forma information should be omitted from the investment circular and the requirement for information to be given on the effect of the transaction satisfied in some other way.
59As the Prospectus Regulation Rules require a positive and unmodified opinion17, the reporting accountant shall not express an opinion when the directors have not applied the criteria set out in Appendix 1 of this SIR and, in the reporting accountant's judgment the effect of not doing so is, or may be, material. (SIR 4000.11)
60An example of a report on pro forma financial information expressing a positive and unmodified opinion, pursuant to the Prospectus Regulation Rules, is set out in Appendix 5 of this SIR.
Events occurring between the date of the reporting accountant's report and the completion date of the transaction
61Under Section 81 and 87G of the FSMA, and Listing Rule 4.4.1, a supplementary investment circular must be prepared if, after the date the investment circular has been formally approved by a regulator and before dealings in the relevant securities commence, the issuer becomes aware that there has been a significant change affecting any matter contained in the document or a significant new matter has arisen, the inclusion of information in respect of which would have been required if it had arisen at the time of its preparation.
62A similar obligation arises under Article 23 of the Prospectus Regulation (Regulation (EU) 2017/1129) between the time when a prospectus is approved and the closing of the offer period, or the time when trading on a regulated market begins (whichever occurs later). Every significant new factor, material mistake or material inaccuracy relating to the information included in a prospectus which may affect the assessment of the securities and which arises or is noted, shall be mentioned in a supplement to the prospectus without undue delay.
63If, as a result of discussions with those responsible for the investment circular concerning an event that occurred prior to the completion date of the transaction, the reporting accountant is either uncertain about or disagrees with the course of action proposed it may consider it necessary to take legal advice with respect to its responsibilities in the particular circumstances.
64After the date of its report, the reporting accountant has no further obligation to perform procedures or make enquiries regarding the investment circular.
Effective Date
65This Investment Reporting Standard is effective for reporting accountant engagements commencing on or after 15 September 2020. For those engagements already underway before the 15 September 2020, the reporting accountant may comply with the requirements of the previous version of SIR 4000.
Appendix 1: Reporting Accountant Criteria
| | Annex 20 of Commission Delegated Regulation (EU) 2019/980 | ESMA Prospectus Q&A | | 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This is an English language text. The document contains no errors.
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This is an example table. It illustrates the format I should use.
Financial Reporting Council
Introduction
This standard covers...
This is an example of an alphabetical list:
- The entity must be registered in the UK or ROI
- Annual revenue must exceed £10 million
- The auditor must be
struck throughindependent
3. Financial Performance
Revenue Analysis
Detailed revenue breakdown...
Regional Performance
Performance by region...
Cost Management
Our approach to costs...
Operating Expenses
Details of operating costs...
1The Panel is authorised...
2.1Overview details
Section 2.1 Overview
3.a) Requirements
1. 2024/25 highlights
Governance
Board Structure
Detailed board structure.
Financial Reporting Council 8th Floor 125 London Wall London EC2Y 5AS
+44 (0)20 7492 2300 www.frc.org.uk
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References to 'proper compilation' in this SIR should be read as references to the full form of the reporting accountant's opinion which is set out in Appendix 5. ↩
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The Prospectus Regulation Rules Sourcebook PRR 1.1.5 G makes reference to relevant documents in respect of the prospectus regime including: Regulation (EU) No 2017/1129; Part 6 FSMA 2000; Regulation (EU) No 2019/980; ESMA Prospectus Recommendations; ESMA PD Prospectus Questions and Answers; ESMA PR Questions and Answers; ESMA Prospectus Opinions; the Prospectus RTS Regulation; and, ESMA guidance on Alternative Performance Measures. ↩
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The "outcome" is sometimes described as "subject matter information". ↩
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Commission Delegated Regulation (EU) 2019/980 Annex 20. ↩
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LR 13.3.3 R; UKLA/TN/633.1 Pro forma financial information. ↩
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Commission Delegated Regulation (EU) 2019/980 Annex 20. ↩
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ICAEW, TECH 06/15CFF. ↩
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LR 13.3.3.R ↩
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UKLA/TN/305.2 Hostile takeovers. ↩
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UKLA/TN/633.1 Pro forma financial information. ↩
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Regulations require a positive and unmodified opinion for this reason there is no risk that the reporting accountant will inappropriately modify its opinion. ↩
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UKLA/TN/633.1 Pro forma financial information, includes the FCA's interpretations and expectations, including those relating to adjustments for purchase price allocations (PPAs) and synergy benefits. ↩
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ICAEW, TECH 06/15CFF. ↩
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ICAEW, TECH 06/15CFF, para.34. ↩
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In the case of an accountant's report on voluntary pro forma financial information, references to requirements should be amended in accordance with UKLA/TN/633.1 Pro forma financial information. ↩
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See Section 3 Annex 20 Commission Delegated Regulation (EU) 2019/980; ESMA Q&A 55. ↩
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See ESMA Q&A (January 2019), 55.2. Note that the ESMA guidance does not absolutely prohibit the inclusion of an Emphasis of Matter in the opinion, but does recommend that they are not because included because, ".... emphasis of matter paragraphs in this context will only serve to reduce the clarity of the statement." ↩
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See also ESMA Guidelines on Disclosure Requirements under the Prospectus Regulation which were not finalised when this SIR was published. ↩
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See also ESMA Guidelines on Disclosure Requirements under the Prospectus Regulation which were not finalised when this SIR was published. ↩
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This declaration is a requirement of the Prospectus Regulation Rules and is appropriate for inclusion when the report is included in a Prospectus, see Appendix 1 of SIR 1000. It is also appropriate for inclusion in an AIM admission document under Schedule Two of the AIM Rules. ``` ↩