In this, my first edition of Foundations since joining Crowe in January, I have started by reflecting on what an eventful year 2020 is panning out to be.
The external risk that hadn’t been considered by many was the global outbreak of coronavirus (COVID 19). Lockdowns, quarantines and factory closures have threatened global supply chains, workforce resourcing as well as impacting on share prices and the impact for RPs could be far reaching. It is imperative that RPs are as prepared as possible and think carefully of the implications of different scenarios and factor these into future plans. The FRC has now issued advice to companies, encouraging them to consider carefully what disclosures they might need to include in their year end accounts relating to these events and the risks.
This edition was drafted in early March before the full impact of the Coronavirus was understood; some of the deadlines mentioned in these articles have already been put back and others may be deferred. This is clearly developing every day, you can find up to date information on our COVID 19 hub.