FRC issues further warning over Covid and corporate reporting
The watchdog is maintaining pressure on companies to be transparent in reporting the impact of the pandemic on their prospects.
Image: OSORIOartist/Shutterstock
Watchdogs have stressed yet again that companies be plain in disclosing their performance prospects as a result of the pandemic in their reporting.
The warning comes in the Financial Reporting Council’s (FRC) annual review of corporate disclosures which highlights key areas for improvement in annual reports.
Detailing expectations for 2020–21, the FRC says disclosures should be made that “provide insights into the board’s assessment of the business’s prospects" and the methods and assumptions underlying the assessment.
The review sees the watchdog maintain pressure on companies to come clean to stakeholders about the effect
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