Companies are having to consider how the impact of COVID-19 affects their business and how these affects should be reported in the accounts. This will require some additional disclosures to explain how recent events are affecting their business. To assist you with the preparation of COVID-19 affected Financial Statements we have extended the choice of notes and disclosures for both FRS 102 and FRS 105. This includes:
Additional disclosures for Accounts prepared under FRS 105.
A new Accounting Policy is available for 'Significant Judgements and Uncertainties'.
For accounts prepared under FRS 102 additional sections have been added to the Auditor's Report.
Should you require further guidance on what you should and shouldn’t disclose please speak to your accounting supervisory body. Please see KB3089 - Where can I find information on preparation of accounts under COVID-19?