FCA urges all listed companies to delay preliminary financial statements

The FCA has strongly requested all listed companies to temporarily delay the publication of preliminary financial statements for at least two weeks.

Due to the coronavirus crisis, the basis on which companies are reporting and planning is changing rapidly.

As a result, it is important that due consideration is given by companies to these events when preparing their disclosures.

The regulator believed issuing preliminary financial statements in advance of full audited financial statements was adding pressure on companies and the audit profession.

Although issuing preliminary financial statements is common, the watchdog noted that it was not required by either the Listing Rules or the Transparency Directive.

It is required that companies publish full audited financial statements within four months of the financial year end.

The FCA is in talks with the Financial Reporting Council and the PRA about measures to ensure companies take the necessary time to prepare appropriate disclosures.

The three bodies intend to announce details shortly.

Listed companies are still required to announce inside information to the market as soon as possible.

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