Article summary
The Financial Reporting Council (FRC) has published two thematic reviews into the quality of UK company reporting focusing on offsetting in the financial statements and International Financial Reporting Standards (IFRS) 17 Insurance Contracts. Offsetting involves presenting items that would otherwise be shown separately as a single net amount. The IFRS only allow or require offsetting in specific situations, and the FRC noted that companies should ensure accurate disclosures to avoid restatements. The IFRS 17 disclosures review noted good overall quality but identified areas for improvement including judgments, estimates, and alternative performance reviews.
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