‘Going concern’ is not a simple binary or pass/fail concept. A company can be a going concern even when one or more material uncertainties exist. In such circumstances what becomes important is the disclosure about the uncertainties and management’s consideration of these.’ Quote from the recent Financial Reporting Lab’s guidance on ‘Going concern, risk and… Read More
In May 2020, the EU Commission predicted that Irish GDP will contract by 7.9% in 2020, as a result of the Coronavirus (COVID-19). The good news is that it has predicted a bounce back of 6.1% in 2021. In this climate, the provision of accurate financial information will be critical in getting Ireland back to… Read More
The Financial Conduct Authority in the UK said in March 2020 that all London listed companies are permitted two extra months to publish their audited financial results, giving them six months in total. Meanwhile the Irish Companies Registration Office has further extended the filing deadline for all annual returns that are normally due for filing… Read More
We have recently published a survey of 22 public company financial statements focusing on their Coronavirus (COVID-19) disclosures. Of those companies surveyed, the John Lewis Partnership plc had some of the greatest level of going concern discussion in the notes to the financial statements, with a prominent note under the ‘Basis of Preparation’ section on… Read More
Last week we highlighted in our published survey of 22 public company financial statements an example of an Emphasis of Matter audit report. This week, our blog focuses on an extract from the Irish company Grafton plc (in its 31 December 2019 financial statements) which describes the risk: ‘The Group is exposed to the impact… Read More
Coronavirus (COVID-19) disclosures in published financial statements In our published survey of 22 public company financial statements we highlight several useful examples of disclosure that company directors, auditors, accountants and financial controllers will find of relevance, in the midst of the Coronavirus (COVID-19) pandemic. This thirty-page report, just published on our website, is available to… Read More
