What the document covers
The guidance identifies potential misstatement risks for directors reviewing FY2017 financial statements under the surveillance programme.
Specific requirements and implications
Where impacts of new revenue, financial-instrument or lease standards were known or reasonably estimable, directors were expected to move beyond general statements about future change. Lease liabilities could affect covenant compliance and discussions with lenders. Going-concern support from a related party also needed evidence of both intention and financial ability. The effective dates listed are historical transition dates, while the useful discipline is to connect reporting changes with actual business consequences.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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