News December 2020 Transitional provision guidance

Transitional provision guidance

23 December 2020

The FRC has today issued guidance for preparers using IFRS, and their auditors. This includes proposed wording to explain the basis of accounts preparation, where an entity has a financial period which straddles the end of the transition period following the UK’s exit from the European Union. This is to ensure consistent understanding and application of requirements in the Companies Act.

The guidance can be viewed here

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