On 29 August, the FRC published a Consultation Paper setting out its proposals to revise the Guidance for Directors of Listed Companies on Going Concern and Financial Reporting. The proposals incorporate some of the more onerous requirements of the international financial reporting standards under which a greater degree of disclosure of issues underlying directors’ statements will be necessary. For example, companies will be required to provide justification for a directors’ statement which deals with a period of less than 12 months going forward, to outline any defaults on their banking covenants, to disclose any financial risks they face and the strategy they are adopting to deal with those risks. Comments on the proposals are invited by 24 November 2008.