ICAEW in Consultation on Procedures for Floats
The ICAEW has published a consultation for companies that are planning to float to help them out with the procedures on financial reporting.
The Corporate Finance Faculty of the institute has been calling for responses to its consultation ‘Reporting Accountants’ work on Financial Reporting Procedures’. This is a part of ‘Financing Change’, which is the faculty’s thought leadership programme.
The consultation by the institute has been aimed at updating the guidance for accountants who have been appointed to carry out the financial reporting of companies with due diligence before they are made to float on the London Stock Exchange.
The companies which have been targeted in the consultation may also float in the AIM or PLUS markets.
In the year 1995, ICAEW published a consultation for reporting accountants and gave them technical guidance in the area. Since that time, a number of changes have taken place in regulations.
The ICAEW said in a statement that it believed that the consultation given in the earlier phase may be outdated in some areas.
Robert Hodgkinson, who is the ICAEW Executive Director, said that the institute was keen to consult widely on how other market participants get affected as there is “need for broader agreement”.