27 March 2020: Coronavirus Update. The situation is fast moving and we are continuing to monitor the global situation and its impact on our members, staff, exam candidates, students and the profession. More information for Members and Students in My CIMA.

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Below you will find a selection of accounting resources and industry updates along with information from recent events held within CIMA UK.

More can be done to level the playing field for all workers

CIMA welcomes the Government’s plan to support the self-employed during the coronavirus pandemic. The Chancellor’s plan to offer a taxable grant of 80% of the average profits for the last three years, up to £2,500, is an unprecedented measure that will provide 5 million people with some much-needed relief. While we understand that the Government is navigating uncharted waters, we are concerned that delaying full support for the self-employed until beginning of June may be way too late for some.

It will take some time for the UK economy to recover, but preparing now will help us better navigate the future.

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CIMA exams to move to remote testing from May 2020 in response to the coronavirus pandemic

On 27 March 2020, CIMA announced that students will be able to take their exams remotely for the first time from May 2020. This comes as the coronavirus pandemic has forced many test centres to close, preventing the delivery of CIMA Objective Tests and Case Study exams to students around the world.

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FRC guidance for companies and auditors during Covid-19 crisis 

The Financial Conduct Authority (FCA), Financial Reporting Council (FRC) and Prudential Regulation Authority (PRA) have announced a series of actions to ensure that information continues to flow to investors and to support the continued functioning of the UK’s capital markets. 

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COVID-19: an update from the Pensions regulator 

These are unprecedented, challenging and uncertain times for trustees, employers, administrators and, crucially, savers. As such there are different pressures on different areas of the pensions system. The Pensions regulators have therefore provided guidance for those they regulate and work with.

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CIMA suggests five key things to help out the self-employed, sole traders and UK small businesses during the coronavirus pandemic  

CIMA has called on the Government to further help the self-employed, sole traders, and small and micro U.K businesses hit by the growing coronavirus outbreak. 

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Business support - Government website launched 

The Government is supporting businesses and their employees through a package of measures during this period of unprecedented disruption. This website helps you find the right support, advice and information to help with the impact of coronavirus (Covid-19) on your business.

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Coronavirus (COVID-19): guidance for apprentices, employers, training providers, end-point assessment organisations and external quality assurance providers 

This document sets out guidance for apprentices, employers, training providers and assessment organisations in response to the impact of COVID-19. It outlines the changes that the Education and Skills Funding Agency (ESFA) is making to the apprenticeship programme during the COVID-19 pandemic.

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Non-Face to Face Client Verification - guidance for Members in Practice

Due to the impact of COVID-19 some members in practice have requested guidance from CIMA around the verification of clients on a non-face to face basis. The wellbeing of CIMA members at this time is our priority and we want to ensure that you are able to undertake work in a safe environment as much as possible. 

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UK’s economic response to COVID-19 pandemic takes shape 

The details of the UK’s response to the economic fallout of the coronavirus pandemic continue to emerge, after Chancellor of the Exchequer Rishi Sunak announced “unprecedented” measures Friday. 

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A guide to support measures for UK businesses affected by the coronavirus crisis

The UK Government made a series of announcements of wide-ranging measures on Tuesday, including tax cuts and grants, taken to tackle the outbreak to support struggling businesses and individuals.

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The Financial Conduct Authority asks for companies to delay preliminary announcements for two weeks

On Saturday night, the UK’s financial regulator asked all companies listed on the London Stock Exchange to delay the publication of preliminary financial statements due to the coronavirus outbreak. 

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