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The regulator says that in times of economic uncertainty, companies should continually assess evolving risks and ensure those risks are clearly explained.
The amendments, designed to improve company information about long-term debt with covenants, are effective for annual reporting periods beginning in 2024 or later.
Proposed changes to the standard are designed to provide a reference framework for auditors when making judgements about audit evidence throughout the audit.
The Financial Reporting Council’s thematic review looks at the annual reports of 20 companies to draw out the features of better reporting and disclosures, whilst also highlighting areas for improvement.
The IAASB said it will develop standards for assurance on sustainability reporting, which will demonstrate that the information reported is reliable and credible.
Key figures discuss how the consolidation of the Value Reporting Foundation could buoy the IFRS Foundation’s hopes of setting a global baseline for sustainability reporting in step with financial reporting.
Targeted amendments proposed by the International Accounting Standards Board are designed to provide more information about the effects of supplier finance arrangements on a company’s liabilities and cash flows.
The proposal would require companies to report information to help investors assess whether noncurrent liabilities with covenants could become repayable within 12 months.
