FCA requests delay to announcement of preliminary financial accounts
The Financial Conduct Authority (FCA) is writing to companies due to produce preliminary financial statements in the next few days to ask them to delay publication due to disruptions caused by the coronavirus.
The FCA has strongly requested that all listed companies observe a moratorium on the publication of preliminary financial statements for at least two weeks.
A statement from the regulator said: ”
“The unprecedented events of the last couple of weeks mean that the basis on which companies are reporting and planning is changing rapidly.
“It is important that due consideration is given by companies to these events in preparing their disclosures. Observing timetables set before this crisis arose may not give companies the necessary time to do this.
“In addition, listed companies and the audit profession are facing unprecedented practical challenges during the Coronavirus crisis.
“The FCA believes the practice of issuing preliminary financial statements in advance of the full audited financial statements is adding unnecessarily to the pressure on companies and the audit profession at this moment.”
The Authority also reminded companies the Market Abuse Regulation remains in full force, with listed firms still required to announce inside information to the market “as soon as possible unless a valid reason to delay disclosure under the regulation exists”.