FRC updates going concern guidance

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The Financial Reporting Council (FRC) has issued an exposure draft of updated guidance for directors of UK companies to assist them with their assessment of going concern and in evaluating the nature and extent of disclosures.

The draft will replace the existing guidance for directors of listed companies that was published in 1994. It is designed to be relevant to the directors of all sizes of UK companies including those that adopt the Financial Reporting Standard for Smaller Entities.

The draft incorporates the going concern material published in recent months in the FRC’s ‘Update for directors’ and ‘Guidance for directors of smaller companies’. However, it will not replace that guidance until published in final form, taking account of the comments re...

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