The U.K. regulator for audit and accounting is urging companies to provide extensive disclosures on the impact of the coronavirus pandemic on their finances. The regulator said companies should apply existing accounting rules for exceptional items related to the pandemic, and do so in a consistent manner. And, it asks companies to avoid splitting impairment charges and allocating them to different parts of the financial statement. The U.K. regulator is echoing the position of the U.S. Securities and Exchange Commission. The FRC is reversing its strategy on rule-making, and is no longer waiting for new legislation before it embarks on an overhaul of the U.K. audit sector.

Source: Wall Street Journal July 21, 2020 17:48 UTC