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Accounting and financial reporting reminders

The resources listed below are intended to compliment our Closing Out 2015 publication and act as a reminder of the key areas within accounting and financial reporting to be focusing on during the 2015 reporting season. 

They include resources on the new UK GAAP framework that is effective for annual reporting periods beginning on or after 1 January 2015, a number of important messages from the Financial Reporting Council (FRC) for companies of all sizes including specific year-end advice to preparers of smaller listed and AIM-quoted annual reportskey messages from the Conduct Committee's Corporate Reporting Review Annual Report 2015 and a warning to FTSE 350 companies that tax disclosures will be the subject of the FRC’s Corporate Reporting Review Team in the coming year.  Also included are the press releases from the FRC's Conduct Committee over the last year to serve as a reminder of those areas that it has paid particular attention to in the past and will continue to focus on.  Companies seeking to improve their disclosures around dividend policy and distributable profits should look to the recently published report of the Financial Reporting Lab.

Banks should pay attention to the latest Enhanced Disclosure Task Force (EDTF) report and the Basel Committee's finalised guidance on accounting for expected credit losses.

In addition to the FRC reminders, the European Securities and Markets Authority (ESMA) has also put out its own reminders to reporters as to how to improve the quality of disclosures in financial statements and has also provided an indication of those areas that it (and national enforcers) will be focusing on when reviewing listed companies' 2015 financial statements.  Also relevant for companies with securities traded on regulated markets are the ESMA final guidelines on alternative performance measures.

Reporters should be aware of the changes to UK reporting as a result of the UK implementation of the EU Accounting Directive, including the requirement that annual reports now disclose a list of related undertakings for accounts approved on or after 1 July 2015, and should also take note of new and revised Standards that are mandatorily effective for December 2015 year-ends.

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Latest resources

Governance in brief — FRC issues advice on annual reports for 2019/20 reporting season

14 Nov 2019

The FRC has issued its Annual Review of Corporate Reporting and annual open letter to finance directors and audit committee chairs covering its perspectives on key developments and areas of focus for 2019/20 annual reports. The report sets out the FRC’s “expectations for corporate reporting to improve trust in business”, emphasising the annual report is a vehicle of trust and stewardship.

FRC publishes the results of its IFRS 16 thematic review

06 Nov 2019

The Financial Reporting Council (FRC) has published the results of its thematic review looking at the interim disclosures made by companies in the first year of application of IFRS 16 “Leases”.

FRC publishes findings on the quality of corporate reporting in 2018/2019

30 Oct 2019

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting 2018/2019, which provides the FRC's assessment of corporate reporting in the UK based on evidence from a variety of sources, including the work of the FRC's own Corporate Reporting Review (CRR) team.

ESMA announces enforcement priorities for 2019 financial statements

22 Oct 2019

The European Securities and Markets Authority (ESMA) has announced the priority issues that the assessment of listed companies' 2019 financial statements will focus on.

FRC publishes thematic review findings of IFRS 9, IFRS 15, and IAS 36 company disclosures

10 Oct 2019

The Financial Reporting Council (FRC) has published three thematic reviews to help companies improve the quality of their corporate reporting in relation to IFRS 9 'Financial Instruments', IFRS 15 'Revenue from Contracts with Customers' and the impairment of non-financial assets.

Deloitte comment letter on FRED 72 - 'Draft amendments to FRS 102 - Interest rate benchmark reform'

27 Sep 2019

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 72 'Draft amendments to FRS 102 - Interest rate benchmark reform'.

FRC publishes a statement on the Government's Green Finance Strategy

03 Jul 2019

The Government has announced its Green Finance Strategy which recognises the role of the financial sector in delivering global and domestic climate and environmental objectives. In response, the Financial Reporting Council (FRC) has issued a joint statement with other financial regulators, including the Prudential Regulation Authority (PRA), Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) welcoming the strategy.

FRC makes amendments to FRS 102

24 May 2019

The Financial Report Council (FRC) has made amendments to Section 28 of FRS 102.

FRC plan and budget highlights key areas of focus for 2019/20

23 May 2019

The Financial Reporting Council (FRC) has published its Plan and Budget for 2019/20, which sets out its priorities for 2019/20.

Deloitte comment letter on FRED 70 'FRS 101 Reduced Disclosure Framework - 2018/19 cycle'

10 May 2019

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 70 ‘'FRS 101 Reduced Disclosure Framework - 2018/19 cycle'

FRC draft plan and budget highlights key areas of focus for 2019/20

29 Mar 2019

The Financial Reporting Council (FRC) has published its draft Plan and Budget for 2019/20, which sets out its priorities for 2019/20.

We comment on FRED 71 ‘Draft amendments to FRS 102 — Multi-employer defined benefit plans’

14 Mar 2019

We have published our comment letter on the Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 71 ‘Draft amendments to FRS 102 – Multi-employer defined benefit plans’

Deloitte comment letter on FRED 71 — ‘Draft amendments to FRS 102 – Multi-employer defined benefit plans’

14 Mar 2019

We have published our comment letter on Financial Reporting Council’s (FRC’s) Financial Reporting Exposure Draft (FRED) 71 Draft amendments to FRS 102 – Multi-employer defined benefit plans.

We comment on FCA Discussion Paper - Climate change and green finance

01 Feb 2019

We have published our comment letter on the Financial Conduct Authority (FCA)'s Discussion Paper DP 18/8: Climate change and green finance.

FRC publishes a suite of factsheets on FRS 102

14 Dec 2018

The Financial Reporting Council (FRC) has issued a suite of staff factsheets on aspects of FRS 102, including the 2017 triennial review.

Accounting Roundup - Closing Out 2018

13 Dec 2018

Closing out 2018 discusses the significant corporate reporting issues relevant to 31 December 2018 annual reports, covering areas of regulatory focus identified in the FRC’s Annual Review of Corporate Reporting 2017/2018, the ESMA’s common enforcement priorities for issuers in the European Union together with developments in reporting standards and areas of investor interest.

FRC publishes an Audit Quality Thematic Review

10 Dec 2018

The Financial Reporting Council (FRC) has published the results of its '2018 Audit Quality Thematic Review on Other Information in the Financial Report'.

Governance in brief — FRC issues advice on annual reports for the 2018/19 reporting season

06 Dec 2018

The Financial Reporting Council (FRC) has issued its Annual Review of Corporate Reporting and annual letter to finance directors and audit committee chairs covering its perspective on key developments for 2018/19 annual reports.

FRC announces audit thematic reviews for 2019/20

20 Nov 2018

The Financial Reporting Council (FRC) has announced its audit thematic reviews, priority sectors and audit areas of focus for 2019/20.

FRC publishes the results of its thematic review of reporting by smaller listed and AIM quoted companies

07 Nov 2018

The Financial Reporting Council (FRC) has published the results of its thematic review of reporting by smaller listed and AIM quoted companies. Whilst the FRC identified improvement in the quality of reporting, principally by those larger companies within the sample, it highlights that “there is clearly scope for further improvement”.

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