The UK Financial Reporting Council has issued a consultation paper on its guidance on going concern. The draft guidance clarifies what is required of listed companies in respect of going concern for interim financial statements. This had previously been an area where companies had followed different practices.rnThe institute advises companies to make themselves aware of the consultation paper, as the FRC considers the proposals in respect of interim statements to be best practice immediately.rnThe UK Financial Reporting Council has published a discussion paper arising from its project on reducing complexity in corporate reporting, announced last year. The paper responds to public concern that corporate reports are too long and complex. The project aims to contribute to a global debate on complexity that may see corporate reporting in the UK simplified.
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