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U.K. Companies Must Report Risks of Coronavirus

Feb. 18, 2020, 3:12 PM

The U.K.’s accounting watchdog said companies are legally obliged to report risks to their businesses, such as supply-chain disruptions, from the coronavirus outbreak.

The Financial Reporting Council said In a statementTuesday that companies need to carefully consider what disclosures they might need to add to their year-end accounts as a result of the outbreak. The virus has infected more than 73,000 people and killed nearly 2,000.

  • The accounting watchdog said it was also in discussions with audit firms about assessing the impact on their audits of U.K. companies with Chinese operations.
  • “Audit files for Chinese subsidiaries of U.K. entities ...