UK: FRC publishes revised guidance for directors on going concern assessments and disclosures

The Financial Reporting Council has today published revised guidance for directors on going concern assessments and disclosures. The guidance applies to accounting periods ending on or after 31 December 2009 and brings together the requirements of company law, accounting standards and the Listing Rules on going concern and liquidity risk for the directors of small, medium and large UK companies. It replaces the guidance issued in 1994 for directors of listed companies and extends the application of the guidance to all sizes of company in respect of annual and, where required, half year financial statements. In the accompanying press release the FRC notes that the revised guidance had reduced some of the inconsistencies between UK GAAP and IFRS but some differences remain. Further information is available here.