COVID-19 resources

Many companies continue to face uncertainty about their prospects as a result of the on-going impact of the COVID-19 pandemic which continues to present a number of reporting challenges.  Although the FRC has highlighted that reporting in the face of the pandemic has not declined, it is still vital that companies continue to provide timely and high-quality reporting which reflects the ongoing uncertainties they face and their response to those uncertainties.

For many companies, their focus will have moved from the urgency of short-term survival to the development of longer-term resilience in the wake of COVID-19.  ESMA in its Common Enforcement Priorities, calls for companies to carefully assess the longer-term impacts of COVID-19 on their financial performance, position and cash flows.  It reiterates key messages from its previous Common Enforcement Priorities and highlights that it will continue to focus on how companies have considered the effects of COVID-19 in their reporting in particular on going concern assumptions, significant judgements, estimation uncertainty, presentation of financial statements and impairment of assets.  ESMA also reminds companies of its expectations with regards to disclosure in areas such as supplier finance arrangements and government assistance, the recognition of deferred tax assets, non-financial reporting and presentation of Alternative Performance Measures (APMs) in a COVID-19 environment.  

Like ESMA, in its upcoming monitoring of annual reports in 2021/22 the FRC will continue to focus on how companies are disclosing the financial reporting impacts of COVID-19.  In particular it will focus on the disclosure of judgements and estimation uncertainties arising from the continuing effects of the COVID-19 pandemic, particularly regarding matters such as going concern and liquidity.

In its Annual Review of Corporate Reporting it reminds companies of a number of key messages from its COVID-19 thematic review that 2021 reporters should continue to have regard to this reporting season.  Previous messages contained within other guidance such as the FRC’s Company Guidance COVID-19 and FRC Lab reports will also be relevant in highlighting FRC and investor expectations for reporting in the current uncertain environment.

This page includes our resources related to COVID-19.  It includes links to:

Related resources

2022 update on half-yearly financial reporting

14 Jul, 2022

Uncertainty remains a key factor for companies to deal with when preparing 2022 half-yearly financial reports. Companies face a wide range of challenges due to the ongoing impacts of the pandemic, climate change, rising commodity prices and inflation, global supply chain disruption and labour shortages, with many issues exacerbated by the conflict between Russia and Ukraine. For those companies directly impacted by the conflict, uncertainty remains over future operations in and trade with affected and neighboring regions and the impact of sanctions. Whilst companies will be more familiar with reporting in times of uncertainty, timely and high-quality interim reporting that reflects the ongoing uncertainties companies face and their response to those uncertainties remains as important to investors, creditors, and other stakeholders as ever.

Accounting roundup — April 2022

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This Accounting roundup, covering the period January 2022 through to March 2022, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

FCA and AIM end COVID-19 deadline relaxations

28 Mar, 2022

Temporary measures introduced in 2020 in response to the COVID-19 pandemic allowing for delayed annual and interim financial reporting are to be removed.

Accounting roundup-January 2022

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This Accounting roundup, covering the period October 2021 through to December 2021, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

Accounting roundup — Closing Out 2021

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Closing Out 2021 discusses the principal corporate reporting issues arising in respect of 31 December 2021 annual reports, covering areas of regulatory focus identified in the FRC’s Annual Review of Corporate Reporting 2020/2021, issues arising from climate change including new and forthcoming climate-related disclosures and developments in reporting standards.

Governance in focus — On the board agenda 2022

03 Dec, 2021

As 2021 draws to a close, our annual review of board topics will stimulate your thinking and help prepare you for the year ahead. Across the board, expectations of business are rising and it is this demanding environment which shapes the articles in this year’s publication.

COVID-19 disclosure quality in European banks' financial statements

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A study published as part of the working paper series of the European Banking Institute (EBI) looks at COVID-19 disclosures in half-year and year-end financial statements 2020 of European banks.

Governance in brief — FRC issues advice on annual reports for 2021/22 reporting season

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The FRC issues advice on annual reports for 2020/21 reporting season

Accounting roundup — October 2021

29 Oct, 2021

This Accounting roundup, covering the period July 2021 through to September 2021, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

ESMA announces enforcement priorities for 2021 financial statements

29 Oct, 2021

The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2021 financial statements will focus on. A special focus is on COVID-19 and climate-related disclosures.

FRC publishes findings on the quality of corporate reporting in 2020/2021

27 Oct, 2021

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting 2020/2021. The report sets out the FRC’s expectations of areas of corporate reporting that require improvement and highlights the ten most frequently raised topics where improvements to reporting quality are needed.

Annual report insights 2021 — Surveying FTSE reporting

26 Oct, 2021

Our latest annual reporting survey, Annual report insights 2021, provides insights into practices in annual reporting, focusing on areas where requirements have changed, where regulators are focusing or where innovative practices are emerging.

European Union formally adopts extended practical relief regarding COVID-19-related rent concessions

31 Aug, 2021

The European Union has published a Commission Regulation endorsing 'Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)' issued by the IASB in March 2021.

IASB meeting in person again

11 Aug, 2021

The IFRS Foundation announces that the IASB will begin to meet in person again after the summer break (observers would still only attend virtually).

FRC publishes its third Annual Enforcement Review

03 Aug, 2021

The Financial Reporting Council (FRC) has published its third Annual Enforcement Review.

Accounting roundup — July 2021

30 Jul, 2021

This Accounting roundup, covering the period April 2021 through to June 2021, pulls together the headlines for all the latest developments in accounting, providing links to a wealth of further information and resources.

2021 update on half-yearly financial reporting

09 Jul, 2021

Although lockdown measures are easing in many parts of the world and parts of the economy are showing signs of recovery, the macroeconomic environment and outlook remain highly uncertain. Many companies continue to face uncertainty about their prospects as a result of the ongoing impacts of the COVID-19 pandemic, the UK’s exit from the European Union, the impacts of climate change and wider macroeconomic factors, all of which can present reporting challenges for half-yearly financial reporters. Whilst companies will have addressed many of these challenges in their previous reporting against the backdrop of COVID-19, timely and high quality interim reporting that reflects the ongoing uncertainties companies face and their response to those uncertainties remains as important to investors, creditors and other stakeholders as ever.

On the board agenda – half year 2021

27 Jun, 2021

This half year update is a timely reminder of some of the important reporting areas for board focus as we enter the second half of 2021. Our articles focus on interim reporting for those of you with December year ends, and an overview of changes in the regulatory reporting landscape as the Financial Reporting Council (FRC) works towards its goal to transform itself into the Audit, Reporting and Governance Authority (ARGA).

FRC extends application period for accounting requirements covering COVID-19 related rent concessions

09 Jun, 2021

The Financial Reporting Council (FRC) has issued 'Amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime - COVID-19-related rent concessions beyond 30 June 2021.

FRC publishes the results of its interim reporting thematic review

24 May, 2021

The Financial Reporting Council (FRC) has published the results of its thematic review of interim reporting. The purpose of the review was to highlight areas of good practice in companies’ interim reporting and to make suggestions for improved reporting to meet the needs of stakeholders. The FRC encourages preparers to consider carefully the findings of the thematic when preparing their forthcoming interim reports.

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