The UK Financial Reporting Council (FRC) opened a consultation on revisions to its standard, Guidance on the Going Concern Basis of Accounting and Related Reporting, a news release said. Once finalised, it will replace the regulator’s existing guidance, which was issued in 2016.
The draft guidance will be nonmandatory and is “intended to help companies prepare high-quality, company-specific disclosures about their going concern conclusions and how they were reached”, the release said, and should allow investors to understand a company’s exposure to and plans to navigate solvency and liquidity risks and provide them with the confidence to allocate capital.
According to the release, the revisions incorporate the requirements or provisions of company law, accounting standards, auditing standards, listing rules, the UK Corporate Governance Code, and other relevant regulation.
Moving forward, the FRC will consult with stakeholders on the proposed revisions, the release said. The comment deadline is 28 October.
Comments can be emailed to narrative@frc.org.uk.
Taxonomy suite draft includes 3 key changes
In another release, the FRC announced key changes to its taxonomy suite. The FRC published a draft version of the 2025 taxonomy suite, which is open for public comment until 20 October.
According to the release, key changes include:
- New entry points and concepts being added to enable digital reporting of Community Interest Company and Dormant Subsidiary Exempt Package accounts to Companies House;
- Updated tags to enable amendments to FRC standards (FRED 82 and 84); and
- Creation of a new DPL core schema and removal of the DPL presentation from the financial reporting core schema, among other changes.
The FRC is aiming to release the final version of the Taxonomy Suite in October, the release said. Comments on the draft can be submitted through the FRC’s comment tool Yeti or by email to xbrl@frc.org.uk.
UKEB seeks stakeholder feedback on IFRS 18
As part of the UK Endorsement Board’s (UKEB’s) endorsement and adoption work, it is now seeking UK stakeholder views on IFRS 18, Presentation and Disclosure in Financial Statements, a UKEB publication said.
“To aid its endorsement work, the UKEB has launched surveys for UK users of accounts and preparers to gather their views on IFRS 18,” the publication said. “Stakeholder comments are welcome until 6 September.”
The user and preparer surveys take 20 to 40 minutes to complete, depending on stakeholders’ familiarity with IFRS 18, the release said. Questions regarding the surveys can be sent to IFRS18@endorsement-board.uk.
IPSASB calls for academic contributions
In preparation for its fifth research forum, the International Public Sector Accounting Standards Board (IPSASB) is calling for scholarly contributions from the academic community, a news release said.
“Coordinated through the Academic Advisory Group … the IPSASB is offering a grant of $2,000 for selected scholarly papers submitted covering three research areas,” the release said. Up to six grants are available.
Some research areas of interest include:
- Presentation of financial statements;
- Accounting for biodiversity in the public sector; and
- IPSAS 18, Segment Reporting, among other areas.
The grant recipients, as well as other scholars, will present the first drafts of their full papers at the 2025 Research Forum in June, the release said. Academics are invited to submit abstracts online by 4 October.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.