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Closing out 2015

  • Closing out 2015 Image

16 Dec 2015

Welcome to our one-stop guide for all the issues you need to consider as you prepare 2015 accounts and look forward to 2016.

To mention just a few, the new UK GAAP framework is effective for annual reporting periods beginning on or after 1 January 2015 and this is also the last year that companies can apply the FRSSE.  There are no new IFRS Standards of note to be applied in 2015 but one should not forget the disclosure of the effect of the Standards in issue that have not yet been adopted, which applies to IFRS 15 and IFRS 9.

The Financial Reporting Council’s priorities for the coming reporting season provide timely reminders in some key areas where the FRC really wants companies to get it right, including its separate advice for smaller listed and AIM-quoted companies.  Companies seeking to improve their disclosures around dividend policy and distributable profits should look to the recently published report of the Financial Reporting Lab.

A real area of change for listed companies will be the requirement to apply the 2014 version of the UK Corporate Governance Code.  Key changes have been made in relation to going concern, risk assessment and internal control including a requirement for Boards to provide a longer-term viability statement.  The FRC guidance has been issued to help Boards comply.

Our Closing Out 2015 publication covers all of these topics and more.  To complement it, this page provides further links to a collection of our resources in the key areas to help you navigate your way around the increasingly interconnected and complex requirements of corporate reporting.  And if you are seeking inspiration on how to prepare your annual report, our Annual Report Survey provides many examples of best practice and a number of ideas for improvement.

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