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UK's FCA Requests Two-Week Delay in Announcement of Preliminary Financial Accounts

© REUTERS / Henry NichollsThe City of London financial district can be seen, whilst British stocks tumble as investors fear that the coronavirus outbreak could stall the global economy, in London, Britain, March 9 2020
The City of London financial district can be seen, whilst British stocks tumble as investors fear that the coronavirus outbreak could stall the global economy, in London, Britain, March 9 2020 - Sputnik International
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According to the FCA, the recent developments in the capital markets make the basis on which companies are working highly volatile, so they are in need of more time to plan and prepare their financial statements.

The United Kingdom's Financial Conduct Authority (FCA) has requested all listed companies to "observe a moratorium" on the upcoming announcement of the preliminary financial accounts for at least two weeks, according to a statement published on the FCA's official website.

According to the statement, "the unprecedented events of the last couple of weeks mean that the basis on which companies are reporting and planning is changing rapidly. It is important that due consideration is given by companies to these events in preparing their disclosures".

The statement added that the listed companies and the audit profession are facing brand new challenges amid the coronavirus crisis.

As of today, the new coronavirus disease (COVID-19) has affected more than 180 countries. The World Health Organisation (WHO) declared the COVID-19 outbreak a pandemic on 11 March.

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