The corporate watchdog has issued a warning for companies to be diligent when preparing company accounts
Accountancy Age, 17 Dec 2007
The Financial Reporting Council (FRC) has published a four-page list of factors today aimed at the boards and management of the FTSE 350, in the belief that risks to confidence in corporate reporting and governance are higher than they have been for some years.
‘Corporate reporting and auditing will be particularly challenging this year and needs to be matched by increased diligence and then clarity as to the basis on which judgements have been exercised,’ Paul Boyle, FRC chief executive, said.
The FRC believes existing accounting standards, if applied with appropriate professional judgement, continue to be 'fit-for-purpose'.
However, FRC said some companies might find their precise circumstances were not expressly provided for in standards which are predominantly principles-based.
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