Accounting Roundup - Closing Out 2017

Published on: 27 Nov, 2017

Closing out 2017 discusses the significant corporate reporting issues relevant to 31 December 2017 annual reports, covering areas of regulatory focus identified in the FRC’s Annual Review of Corporate Reporting 2016/2017, ESMA’s common enforcement priorities for issuers in the European Union together with developments in reporting standards and areas of investor interest.

The issues affecting December 2017 reports include: 

  • The reporting of issues surrounding ‘Brexit’, both in the Strategic Report and the financial statements.
  • The use of ‘Alternative Performance Measures’ in reporting financial performance.
  • Changes to narrative reporting driven by the Non-Financial Reporting (NFD) Directive and increasing focus on relationships with a wider set of stakeholders.
  • Disclosure of the impact of new accounting standards, particularly IFRS 15 on revenue and IFRS 9 on financial instruments, with the FRC expecting a ‘step change’ in disclosure compared to previous years.
  • Proper disclosure of the judgements and estimates applied in preparing financial statements, including in areas such as business combinations, defined benefit pension schemes and income taxes.

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