ICAEW publishes guide highlighting key considerations for the 2020/21 reporting season

18 December 2020

The Institute of Chartered Accountants in England and Wales (ICAEW) Financial Reporting Faculty has published a guide highlighting key areas that preparers should focus on in the forthcoming reporting season.

The guide is primarily directed at preparers of larger private and smaller listed company accounts but may be useful to other preparers as well. The guide is not intended to be a comprehensive list of all areas that should be considered. It covers:

New reporting requirements such as amendments to IFRS Standards.
Areas of heightened focus including:
- Going concern and viability.
- Brexit. The The ICAEW Financial Reporting Faculty has produced a short guide specifically covering Brexit considerations available on the ICAEW website.
- Impairment testing.
- Non-financial reporting including Streamlined and Energy and Carbon reporting requirements and Section 172 reporting.
- Reporting of the effects of climate change.
- Presenting the impact of COVID-19.
- Disclosures and decisions around dividends.
- Judgements and estimates disclosures.

Guidance is also provided on planning for the year-end audit and areas that need to be factored into the year-end planning process.

The full guide is available on the ICAEW website.