The Financial Services Authority has turned up the heat on companies switching to international accounting standards, warning on accurate and timely disclosure, and threatening share trading suspensions.
In a letter sent out to chief executives, Gay Huey Evans, the director of the city watchdog’s markets division, said that any information on the impact of the switch to IFRS that could be considered price-sensitive must be disclosed immediately, rather than waiting until the 2004 results are published.
All other information, he said, should be disclosed as soon as it can be ‘quantified in a sufficiently reliable manner’.
He also said that any company’s inability to adopt IFRS in their interim accounts this year is ‘likely to result in the suspension of the issuer’s securities’.
Huey Evans encouraged those preparing IFRS accounts to ‘devote sufficient resource, not only to producing the relevant financial information in 2005, but also to fully embedding IFRS into their reporting systems’.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.