FRS 17 takes effect in three stages starting 23 June. It requires companies to measure assets and liabilities using market values rather than historical cost.
But many fear forthcoming Auditing Practices Board guidance may be inadequate.
‘The first set of year-ends are already coming and the APB is yet to issue guidance,’ Deloitte & Touche technical partner Martyn Jones said.
PricewaterhouseCoopers partner Tony Bingham added: ‘The issue for auditors is what can reasonably be expected of them when a lot of the work is dependent on actuaries’ advice. Auditors cannot be expected to second guess actuaries.’
APB technical director Jon Grant said: ‘We have been working on guidance since last autumn. It’ll be out by June at the earliest.’
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
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
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Company bosses are considering relocating operations or headquarters away from the UK following the country's decision to leave the European Union