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...