Watchdog Seeks To Update UK Accounting Standards

Law360, London (July 24, 2020, 7:40 PM BST) -- Britain's auditing watchdog is proposing to adjust some of its financial reporting measures that cover what is said about a company's performance, in line with standards adopted by the European Union.

The Financial Reporting Council said it aims to be consistent with global accounting standards associated with the International Financial Reporting Standards, or IFRS. The regime is made up of common rules or accounting language that is accepted in countries around the world.

The regulator said on Thursday that it wants to make changes to its standards on so-called going concerns and interim financial reporting under its Financial Reporting Standard 104....

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