Save content
Have you found this content useful? Use the button above to save it to your profile.
AIA

FRC updates going concern guidance

by
29th May 2009
Save content
Have you found this content useful? Use the button above to save it to your profile.

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 received.

“The guidance that the FRC has issued over the last year has been well received and the exposure draft gives us the opportunity to bring together all of the latest thinking in a single place to help directors all of sizes of UK companies. We hope that the four principles will be particularly helpful”, said Paul Boyle, chief executive of the FRC.

The comment deadline is 28 August 2009 and the FRC is consulting on whether the final guidance can reasonably be implemented in time for 31 December 2009 year ends.

The exposure draft is available for download. Click here to be directed to the download page.

 

Tags:

Replies (0)

Please login or register to join the discussion.

There are currently no replies, be the first to post a reply.