This paper gives advice on the new responsibilites from the Financial Reporting Council guidance published in September 2014 for Boards and how to comply with them.
Who wrote this?
Chris Lewin, Institute and Faculty of Actuaries, for the ICE Dispute Resolution Panel
It was first published in April 2015.
To alert civil engineers and others to the new risk-reporting requirements issued by the Financial Reporting Council in September 2014.
Who should read this?
Civil engineers and others who are Directors of, or employed in senior positions by, companies listed on the UK stock exchange. It should also be read by everyone at all levels of the company who works on the management of the company’s risks or provides information for its annual report.
This paper outlines the Board's new responsibilities and has sections on:
- The Financial Reporting Council
- Where the new reporting requirements can be found
- Aim of the new guidance
- Companies covered by the guidance
- When the guidance comes into force
- Whether the guidance is mandatory
- The Board’s responsibilities
- Detailed requirements
- Whether the going concern basis of accounting can be adopted
- Disclosures which should be made about longer term viability
- Techniques to be used
- Questions which the Board should consider
- Help available
Other titles in the ICE Legal Notes Series:
- BIM and the Law
- Collateral Warranties
- Reviewing the work of another Engineer and replacing another Engineer
- The Contracts (Rights of Third Parties) Act 1999
- Responsibilities under Public Procurement Law
- Guidance for Users of Adjudication
For more information
Please contact [email protected].
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