Impact assessment

Strategic review of the financial reporting response to COVID-19

An early review of the effectiveness of the guidance and reduced reporting measures offered to account preparers in response to the COVID-19 pandemic

• From: HM Treasury
• Published: 27 April 2021

Documents

Strategic review of financial reporting response to the COVID-19 pandemic

PDF, 190 KB, 11 pages

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Details

In response to the additional pressures faced by government entities as a result of the COVID-19 pandemic, HM Treasury offered reduced reporting measures and COVID-19 pandemic related guidance to preparers for their 2019-20 and 2020-21 annual report and account preparation. This included reduced performance reporting requirements, extending the administrative deadline to 30 September, deferring the implementation of IFRS 16 and other smaller measures targeted at reducing the reporting burden.

The review gathered feedback via a survey to the Resource Accounts Special Interest Group, qualitative feedback from departments and laying date data. Overall, preparers considered the guidance and measures offered were effective at reducing the financial reporting burden for their 2019-20 annual report and account preparation.

Published 27 April 2021