BusinessCorporate FinanceWatchdog to target interims

Watchdog to target interims

Interim accounts are to come under intense scrutiny in 2005, as the main financial reporting watchdog prepares to ensure compliance with international financial reporting standards.

Link: Help for directors struggling with IFRS

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.’

Related Articles

Grant Thornton recruits new corporate finance partner

Accounting Firms Grant Thornton recruits new corporate finance partner

10m Emma Smith, Managing Editor
Total fraud value at £2bn five-year high, finds BDO

Accounting Firms Total fraud value at £2bn five-year high, finds BDO

11m Stephanie Wix, Writer
MHA MacIntyre Hudson appoints corporate finance director

Accounting Firms MHA MacIntyre Hudson appoints corporate finance director

11m Stephanie Wix, Writer
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
KPMG announces senior partner promotion in Newcastle

Accounting Firms KPMG announces senior partner promotion in Newcastle

11m Stephanie Wix, Writer
Independent city firm reports 70% growth

Accounting Firms Independent city firm reports 70% growth

11m Stephanie Wix, Writer
Tax avoidance crackdown sees 80% jump in additional HMRC revenue

Accounting Firms Tax avoidance crackdown sees 80% jump in additional HMRC revenue

11m Stephanie Wix, Writer
Making Tax Digital: the "unexpected item in the bagging area"

Accounting Standards Making Tax Digital: the "unexpected item in the bagging area"

11m Stephanie Wix, Writer