The Financial Conduct Authority (‘FCA’) has requested that all listed companies observe a moratorium on the publication of preliminary financial statements for at least two weeks. The Financial Reporting Council (‘FRC’) has worked closely with the FCA and other regulatory bodies over the past few weeks and fully supports the FCA’s request.
Recent unprecedented events mean that the basis on which companies are reporting and planning is changing rapidly. It is important that due consideration is given by companies to these events in preparing all reporting. The FRC therefore encourages listed companies and their auditors to consider carefully whether they should delay other corporate reports for the next two weeks, such as interim financial statements and final audited financial statements, except where necessary to meet a legal or regulatory requirement.
The FRC is in talks with the FCA and the Prudential Regulation Authority (‘PRA’) about a package of measures aimed at ensuring companies and their auditors take the necessary time in these uncertain times to prepare appropriate disclosures and address current practical challenges and the three bodies intend to announce details shortly.