How COVID-19 infects financial reporting and results presentations
The financial effect for reporting periods ending 31 March 2020 might be limited for most industries due to the short amount of time between the end of the reporting period and the global outbreak of the pandemic. However the impact on the coming reporting season could be significant.
UK report reveals radical proposals for audit reform
New requirements for auditors and boards of directors
A broader duty of disclosure, more obligations to detect fraud, and comprehensive transparency regulations are just some recommendations in the Brydon Report. British audit regulators are pushing for an operational separation of major auditors, fueling the future of the auditing business debate.
Lease modifications and short-term leases
Are you prepared for the changes?
Seemingly easy changes to a lease agreement could be considered as a lease modification under IFRS 16. They could impact your Right of Use (RoU) asset and lease liability at unexpected times with major consequences for balance sheet ratios.