UK: FRC going concern guidance consultation - update and proposals

Earlier this year, in response to the recommendations made in the final report of the Sharman Panel of Inquiry, the Financial Reporting Council published a consultation paper setting out proposed revisions to its going concern guidance and to the International Standards on Auditing (UK and Ireland): see here (pdf). The responses received by the FRC have now been published - see here - and the FRC has provided an overview of the proposals it intends to implement in respect of its going concern guidance: see here.

UK: FRC consults on implementation of several Sharman Inquiry recommendations

The Financial Reporting Council has published a consultation paper setting out proposed revisions to its guidance on going concern and to the International Standards on Auditing (UK and Ireland): see here (pdf). The revisions follow recommendations made in the final report of the Sharman Panel of Inquiry that was published last year (see here, pdf).

UK: Sharman inquiry final report published

The Sharman Inquiry's final report was published today: see here (pdf). The report makes several recommendations the purpose of which is to help improve the management of going concern and liquidity risks.

UK: the Sharman Inquiry - preliminary report and recommendations

Last year the Financial Reporting Council launched an inquiry, led by Lord Sharman, to identify lessons for companies and auditors regarding the going concern assessment and liquidity risk. The inquiry panel published its preliminary report and recommendations yesterday: see here (pdf). The Panel recommended, amongst other things, that the FRC should harmonise, and clarify, the purpose of the going concern assessment and disclosure process in the UK Corporate Governance Code and related guidance and should consider whether the language used in the Code - to the effect that directors should state that the entity is a going concern - is too definitive.