FCA calls on companies to delay publishing annual results

The Financial Conduct Authority has asked companies which had planned to publish their annual results this week to delay doing so for at least two weeks, due to the coronavirus.

The FCA, which has written to thousands of firms across the country, said listed companies and the teams of auditors who signed off their accounts were facing huge challenges during the virus crisis.

The FCA said the practice of issuing preliminary financial statements in advance of full audited financial statements was “adding unnecessarily to the pressure on companies and the audit profession”.

The request to delay publication does not apply to those companies listed on AIM, the alternative investment market.

The FCA also said it was in talks with the Financial Reporting Council and the Prudential Regulation Authority about a package of measures “aimed at ensuring companies take the necessary time in these uncertain times to prepare appropriate disclosures and address current practical challenges”.

It said the three bodies would announce details shortly.