Closing out 2018 discusses the significant corporate reporting issues relevant to 31 December 2018 annual reports, covering areas of regulatory focus identified in the FRC’s Annual Review of Corporate Reporting 2017/2018, the 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 2018 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.
• Proper disclosure of the judgements and estimates applied in preparing financial statements, including in respect of income taxes.
• Application of IFRS 15 on revenue and IFRS 9 on financial instruments, together with disclosure of the effects adopting IFRS 16 on leasing in 2019.
• Reporting on other critical areas including climate change, supplier financing and dividend policy.

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