News October 2020



24 September 2020
Ahead of the next reporting cycle for financial statements, the Financial Reporting Council (FRC) has today published two reviews into the reporting of revenue and leases identifying a number of critical areas where companies need to improve their reporting.   
News - Accounting - Corporate Governance - Corporate Reporting - Financial Reporting - Going Concern
21 September 2020
On 28 August 2020 the FRC delivered its Initial Investigation Report (IIR) in connection with its extensive investigation into KPMG’s audit of the financial statements of Carillion plc for the years ended 31 December 2014, 2015 and 2016 and additional audit work carried out du...
News - Audit Monitoring
17 September 2020
The Financial Reporting Council (FRC) today announces sanctions against Deloitte and former partners, Richard Knights and Nigel Mercer, following an investigation in relation to the audit of the published financial reporting of Autonomy Corporation Plc (Autonomy) for periods b...
News - Accounting - Auditing - Discipline - Financial Reporting
15 September 2020
The FRC will host a webinar to coincide with the launch of the Review on the morning of the 30th September at 11am. Mark Babington, FRC’s Executive Director of Regulatory Standards will introduce the session, and Claudia Chapman, Head of Stewardship will present the key findi...
News - Corporate Governance
14 September 2020
The Government has today appointed Pauline Wallace as the the inaugural chair of the UK Accounting Standards Endorsement Board (UKEB) 
News - Accounting
10 September 2020
The FRC's Financial Reporting Lab is inviting investors and companies to participate in a new project on corporate disclosures on risks, uncertainties and scenarios.  
News - Accounting - Auditing - Corporate Governance - Corporate Reporting - Financial Reporting - Investor Stewardship - Narrative Reporting - Risk
7 September 2020
The FRC has today published a draft UK Endorsement Criteria Assessment on the IASB’s amendment Interest Rate Benchmark Reform—Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) (the Amendments).
News - Accounting - Audit Monitoring - Corporate Governance - Corporate Reporting - Financial Reporting - Risk
4 September 2020
The Pre-Emption Group (PEG) is extending, to 30th November 2020, its recommendation that investors, on a case-by-case basis, continue to consider supporting placings by companies of up to 20% of their issued share capital over a 12-month period.
News - Corporate Governance - Financial Reporting
21 August 2020
The FRC has today published a recording of the joint webinar with the IASB on the General Presentation and Disclosures Exposure Draft held on 6 August 2020
News - Accounting - Financial Reporting
18 August 2020
 The Financial Reporting Council (FRC) has today confirmed it will not pursue regulatory action where issuers take advantage of the provisions contained in the Accounting for Lease Modifications (Amendment to IFRS 16 – Covid-19-Related Rent Concessions) before adoption by the EU.
News - Accounting - Auditing - Corporate Reporting - Financial Reporting