FCA Postpones Publishing of Preliminary Reports
Last weekend the FCA requested that all its listed companies suspend the publication of preliminary financial reports by two weeks at least. This development is mainly due to the rising concern caused by the COVID-19 virus.
“The unprecedented events of the last couple of weeks mean that the basis on which companies are reporting and planning is changing rapidly,” part of the FCA report says
According the FCA, its listed companies are dealing with more practical issues directly connected to the epidemic, and therefore must be left to take care of their business. The UK watchdog believes that the preliminaries are not a priority, and that their publishing prior to the required audited statements will just be adding avoidable pressure on both sides.
The official statement reminds its companies that issuing preliminary financial statements is not a requirement, but it has turned to a common practice among UK firms to do so. The only needed documents are the audited financial statements, whose publication time is spread across four months after the end of the fiscal year.
The COVID-19 situation has pushed many financial license issuers around the globe to change. Many are taking measures to protect themselves and the consumer, all the while safeguarding the integrity of the market.