FRC issues advice on coronavirus risk disclosures
UK watchdog says businesses with operations in affected areas should consider whether coronavirus should be included in their disclosures on material risk.
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Concern about the impact of coronavirus (COVID-19) on business has reached such an extent that regulators have revealed companies will have to consider whether it is a disclosable risk, while there is potential for audit work to be disrupted.
The Financial Reporting Council (FRC), the UK’s corporate reporting, audit and governance watchdog, has this week issued guidance for companies on reporting material risks associated with the virus.
The advice comes as HSBC reported its profits were down 33% and that the virus outbreak could affect results in 2020 as it causes disruption in Hong Kong and mainland China, two of the bank’s major
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