The UK regulator says investors expect detailed reporting on the financial impact of Covid-19, while experts point to the risk of firms “burying bad news”.
The campaign for companies to fully report the impact of Covid-19 on their performance continues. A report from the Financial Reporting Council (FRC) published this week sees the regulator “reminding” companies they must go further in providing “more extensive disclosures”.
That even-tempered alert comes after more strident warnings elsewhere that auditors should prepare themselves for companies that may opt to hide the full implications of the pandemic on their finances.
The FRC’s examination of 17 interim and annual statements concludes that though reporting may be “sufficient”, investors want finance departments to deli
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