The accounting regulator has released an exposure draft of guidance aimed at assisting UK-listed companies on going concern issues and their evaluation of disclosures. Financial Reporting Council chief executive, Paul Boyle, said that the draft will 'bring together all of the latest thinking in a single place to help directors of all sizes of UK companies'. The FRC have also included questions that have recently emerged in relation to disclosures and review periods in connection with half-year financial statements. The draft guidance proposes that the going concern review period should be at least, but not limited to, 12 months from the date of approval for all annual and interim financial statements of UK companies intended to give a fair view using UK GAAP or International Financial Reporting Standards. Although this minimum period is required by UK GAAP, IFRS differs with a shorter period so that a review period must be at least, but not limited to 12 months from the balance sheet. Ian Wright, director of Corporate Reporting at the FRC said: 'The extent of the procedures will depend on facts and circumstances, with more diligence applied where the forecast headroom against funding facilities is low. Directors of UK-listed companies need to consider whether they should make additional disclosures in their half-yearly financial statements, particularly where the facts and circumstances have changed since the last year end.' Comments on this guidance must be submitted to the FRC by 28 August 2009.