U.K. listed companies may take an extra two months to complete annual corporate reporting amid the coronavirus outbreak.
The Financial Conduct Authority said companies and their auditors that are facing challenges with preparing annual financial reports as a result of the pandemic have been granted "temporary relief."
Listed firms needing to take extra time now have an additional two months to publish audited financial statements, now giving them a total of six months from their financial year-end.
"We urge market participants not to draw undue adverse inferences when companies make use of the extra time our temporary relief gives them. For a great many companies it will be a sensible decision to make in unprecedented times," said a news release by the FCA, Thursday.
It is also important that market practice adjusts to these changes, the FCA added. Many U.K. listed companies will publish preliminary statements, ahead of the four-month requirement under the Transparency Directive.