COMMERCIAL PROPERTY and retail will be among the priority sectors for the Financial Reporting Review Panel in 2012/13.
A sub-board of the Financial Reporting Council, it examines reports and accounts from listed and large private companies, especially those where complaints or governance concerns have been raised.
Chairman Bill Knight (pictured) said: “Directors are facing significant challenges in managing risks and in arriving at estimates for their accounts. Transparency is vital. If risks and uncertainties can be clearly explained, much will have been achieved”.
Support services will be another in-focus sector, and the panel will continue its work examining whether business reviews are fair, balanced and comprehensive.
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
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
Board members of accounting standard setter the IASB have come under fire for the size of their remuneration packages amid scrutiny of how the organisation is governed