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This session will take a look at some of the most common financial reporting issues, as identified by the Financial Reporting Council (FRC) in its latest report, the “Annual Review of Corporate Reporting 2021/22”.

During this course Edward Rands will cover the following topics:

• An overview of the FRC’s latest report, and a brief look at the “Top 10” findings;
• Cash flow statements: the importance of ensuring consistency with other areas of the financial statements, exclusion of non-cash items, and correct classification;
• Strategic reports and other Companies Act 2006 matters: how to ensure that the strategic report meets legal requirements, and that other requirements under the Act (such as in relation to distributions) are met;
• Revenue: the importance of devising and implementing appropriate accounting policies, and ensuring that judgments are properly disclosed; and
• Presentation of financial statements and other disclosures: implementing the necessary formats and disclosing additional information where necessary to provide a true and fair view.

The quality of financial statements and the disclosures within them is closely monitored by regulators such as the FRC and the professional bodies.  Although the FRC’s review work focuses mainly on large and listed entities, the principles involved are relevant to all entities.   Regulatory scrutiny becomes ever more demanding and this will continue into the future.

Viewers will benefit from the session by improving the quality of the financial statements which you produce for your clients (or your employer).