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FRC publishes future of corporate reporting discussion paper

  • FRC (United Kingdom Financial Reporting Council) Image

Oct 08, 2020

On October 8, 2020, the Financial Reporting Council (FRC) released a bold discussion paper proposing a future for corporate reporting based on a principles-based framework.

It outlines a blueprint for a more agile approach to corporate reporting which challenges existing thinking about how companies can more effectively meet the information needs of investors and other stakeholders.
 
The proposals are designed to be tested with stakeholders and stimulate the conversation about what the future of corporate reporting should look like. Comments are invited by 5 February 2021.
 
The paper considers a common criticism that annual reports are too long, and information difficult to access. With companies and society at large facing significant challenges, which have only been heightened by the Covid-19 pandemic, stakeholders are ever more interested in companies’ wider actions and the reporting that supports these.  
 
Proposals include:

  • unbundling the existing purpose, content, and intended audiences of the current annual report by moving to a network of interconnected reports;
  • a new common set of principles that applies to all types of corporate reporting;
  • objective-driven reports that accommodate the interests of a wider group of stakeholders, rather than the perceived needs of a single set of users;
  • embracing the opportunities available through technology to improve the accessibility of corporate reporting; and
  • a model that enables reporting that is flexible and responsive to changing demands and circumstances.

Review the press release and discussion paper on the FRC's website.

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