More Coronavirus (COVID-19) disclosures in published financial statements

Covid 19 disclosures infographic

Last week we highlighted in our published survey of 22 public company financial statements an example of an Emphasis of Matter audit report.

This week, our blog focuses on an extract from the Irish company Grafton plc (in its 31 December 2019 financial statements) which describes the risk: ‘The Group is exposed to the impact of the recent outbreak of the (COVID-19) virus epidemic in the countries where it operates and also in countries where some of its suppliers are based’.

This thirty-page report, just published on our website, is available to purchase for €125+VAT, for immediate download.

The various disclosures in the report cover topics such as:

• Emphasis of Matter
• Key Audit Matters in Audit Reports
• Going Concern/Viability
• Post Balance Sheet Events/Subsequent Events

For more on this topic please see our published report on our website here.

In our Publications Store, you will find many complimentary product that deal with the Coronavirus (COVID-19), especially letters of representation that seek written representations from the management of relevant entities about their preparedness for the future impact of the virus on their organisations.