Friday 28 November 2008

UK: FRC update for listed company directors: going concern and liquidity risk

The Financial Reporting Council has published an update for listed company directors concerning going concern and liquidity risk. According to the FRC, the update:

...brings together the requirements on directors to comment on going concern and liquidity risk in annual reports and accounts, in the light of the significant economic difficulties that were being experienced in the latter half of 2008. The update addresses the requirements of International Financial Reporting Standards, UK Generally Accepted Accounting Principles, the Listing rules of the Financial Services Authority, the 1994 Guidance for directors, The Companies Act 2006 and its requirements about the content of a Business Review in relation to December 2008 year ends. The update may also be useful for directors of unlisted companies".

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