It’s fair to say it’s been a fairly quiet year from an accounting standards point of view, but there are still new requirements around climate reporting and current accounting issues to consider for December 2022 year-ends.

Narrative reporting

Other than climate reporting there haven’t been any specific changes to narrative reporting requirements this year. However, what does need to be taken into consideration is that the world in which we are currently operating is significantly different to last year.

We have got the conflict in Ukraine impacting the availability of gas, food and other commodities, and interrupting supply chains. There is high inflation, much higher interest rates than this time last year and indications we are heading into a long recession. There is also the need to plug the hole in the budget with increased taxes and spending cuts. Further afield China has high rates of Covid cases resulting in lockdowns and interruption of production although hopefully the zero Covid approach is now being eased.