In announcing new checks, the Financial Reporting Review Panel said it would pay ‘particular attention’ to interim reports with a view to identifying companies whose year-end accounts are expected to show significant changes following IFRS adoption.
It also said it would conduct ‘targeted reviews’ to check compliance with specific accounting requirements.
Carol Page, secretary and director at the FRRP, said the panel and the Financial Reporting Council could meet by February to agree procedures and sign a memorandum of understanding on how the mechanics would work.
‘The first year will be very dramatic, but we are remaining cautious about how things will work,’ she said. ‘We will treat interims the same way as we treat annual reports, but we will be talking to the FRC in order to find a manageable and practical way of approaching this without tying ourselves down to any unnecessary meetings.’
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.