A guide to drafting your annual report
2016 has been an eventful period for the global economy and the corporate reporting landscape.
In a highly globalised and inter-connected world, no economy can be sheltered from the fallout of the Brexit political upheaval. Just as the real impact of leaving unfolds, this uncertainty has taken no time in reminding us that the state of the global economy remains fragile.
Concurrently, accounting standards are evolving in tandem with global economic changes and complex business transactions. In what may be the biggest change in recent years in the manner companies prepare their financial statements, 2 new accounting standards FRS 109 and FRS 115 have come into force and are effective for annual periods beginning on or after 1 January 2018. These new standards are applied retrospectively (although some options and exceptions apply) in which comparative information for the financial year 2017 and the opening balance sheet as at 1 January 2018 would have to be prepared to reflect their proposed changes.