Changes in Financial Reporting

The Financial Reporting Council (FRC) announced ‘areas of focus’ for 2022/23 on December 3rd, 2021. The FRC’s Corporate Reporting Review team carries out routine reviews of companies’ financial statements to ensure that they comply with accounting standards and company law. These reviews are as below:

1) Task Force on Climate-related Financial Disclosures

2) Business combinations (IFRS3)

3) Earnings per share (IAS 33)

4) Deferred tax (IAS 12)

5) Discount rates

6) Judgements and estimates

Accountants need to follow these reviews in their researches.