Financial reporting reminders

The resources listed below are intended to act as a reminder of the key issues and areas to be aware of during the 2014 reporting season.  They include a number of messages from the Financial Reporting Council (FRC) on clear and concise reporting in annual reports, improving their overall quality, best practice guidance on preparing a strategic report, recent advice on disclosure of complex supplier arrangements by retailers and other businesses and key messages from the Conduct Committee's Corporate Reporting Review Annual Report 2014.  Also included are a number of reminders from the Financial Reporting Lab, a summary of new and revised Standards for December 2014 year ends and Deloitte's own 'Accounting Roundup' year end publication which sets out narrative reporting and financial reporting issues that may be relevant for years ending 31 December 2014 as a result of areas of regulatory focus or changes in accounting standards and legislation.

Additionally quick links to a number of related resource pages are also provided.

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Latest Resources

Accounting Roundup - Closing Out 2019

10 Dec, 2019

Closing Out 2019 discusses the significant corporate reporting issues relevant to 31 December 2019 annual reports, covering areas of regulatory focus identified in the FRC’s Annual Review of Corporate Reporting 2018/2019 and the ESMA’s common enforcement priorities for issuers in the European Union, together with other developments in reporting standards and areas of investor interest.

FRC publishes amendments to FRS 101

12 Jul, 2019

The Financial Report Council (FRC) has issued 'Amendments to FRS 101 Reduced Disclosure Framework - 2018/19 cycle' which amends the definition of a qualifying entity so that insurers cannot apply FRS 101 from the effective date of IFRS 17 Insurance Contracts.

FRC proposes amendments to FRS 101 and FRS 102

31 Jan, 2019

The Financial Report Council (FRC) has issued FRED 70 ‘Draft amendments to FRS 101 – 2018/19 cycle’ and FRED 71 ‘Draft amendments to FRS 102 – Multi-employer defined benefit plans’.

Governance in brief — FRC publishes 2015 Corporate Reporting Review and areas of focus for the coming reporting season

26 Oct, 2015

The quality of corporate reporting continues to be a focus area for regulators, leading to boards and audit committees spending more time than ever on telling their company’s story in a clear and balanced way. The FRC has issued the Corporate Reporting Review (CRR) annual report, which explains the activity of the CRR over the last year and the anticipated focus areas for the coming reporting season. This Governance in brief publication explores the main findings, explains the upcoming areas of challenge and the increasing focus on materiality judgements and the investor’s viewpoint. It also summarises the CRR’s recommendations on how companies should respond if they receive a letter from the CRR following a review.

FRC publishes year-end advice to preparers

12 Dec, 2014

The Financial Reporting Council (FRC) has published a letter containing year-end reminders for preparers of financial statements. It summarises recent changes to reporting requirements and some of the best practice guidance issued by the FRC during 2014.

FRC calls for high quality disclosure in the reporting of complex supplier arrangements by retailers and other businesses

08 Dec, 2014

The Financial Reporting Council (FRC) has today called on Boards of retailers, suppliers and other businesses to provide high quality disclosures around complex supplier arrangements highlighting that “investors need to receive enough clear and relevant information to be able to evaluate a company’s performance and financial position where such amounts are, or could become, material”.

FRC publishes results of its Audit Quality Thematic Review on loan loss provisions and related IT controls

02 Dec, 2014

The Financial Reporting Council (FRC) has today published the results of its thematic review in respect of the audit of loan loss provisions and related IT controls in banks and building societies. The report includes good practice observations, an overview of findings and key messages for both auditors and Audit Committees. The report notes improvements in the quality of aspects of the audit of loan loss provisions and related IT controls, most noticeably in cases where the FRC has recently identified significant issues. It also identifies areas where further improvement is required.

FRC issues statement on how it intends to implement the CMA's recommendations regarding AQR transparency

20 Nov, 2014

The Financial Reporting Council (FRC) has today released a statement setting out how it intends to implement the Competition and Markets Authority (CMA) recommendations around disclosure of Audit Quality Review (AQR) findings by FTSE 350 companies.

FRC Lab reminders for the 2014 reporting season

05 Nov, 2014

The Financial Reporting Council (FRC) has issued a summary of key findings from reports produced by the Financial Reporting Lab which companies should consider addressing during the 2014 reporting season.

Need to know — FRC publishes the Corporate Reporting Review Annual Report 2014

31 Oct, 2014

This need to know publication gives a combined overview of the issues raised in the Financial Reporting Council 's recently published Corporate Reporting Review Annual Report 2014. It also covers the report's accompanying slide deck of detailed technical findings, which expands on areas of challenge identified by the FRC's Conduct Committee.

FRC publishes Corporate Reporting Review Annual Report 2014

14 Oct, 2014

The Financial Reporting Council (FRC) has today published its Corporate Reporting Review Annual Report 2014 ("the report"). This report provides an overview of the FRC's corporate reporting review activities for the year ended 31 March 2014. It includes the FRC's assessment of the current state of corporate reporting in the UK, as well as identifying areas likely to pose future challenges for preparers.

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