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

Accounting roundup — Closing Out 2022

10 Jan, 2023

Closing Out 2022 discusses the principal corporate reporting issues arising in respect of 31 December 2022 annual reports, covering areas of regulatory focus identified in the Financial Reporting Council’s (FRC's) Annual Review of Corporate Reporting 2021/2022 and issues arising from the current uncertain economic environment.

Accounting roundup — Closing Out 2021

16 Dec, 2021

Closing Out 2021 discusses the principal corporate reporting issues arising in respect of 31 December 2021 annual reports, covering areas of regulatory focus identified in the FRC’s Annual Review of Corporate Reporting 2020/2021, issues arising from climate change including new and forthcoming climate-related disclosures and developments in reporting standards.

Need to know-FRC issues Amendments to FRS 102 - Interest Rate Benchmark Reform (Phase 2)

16 Feb, 2021

This Need to know addresses the amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland that were published by the Financial Reporting Council (FRC) in December 2020.

FRC publishes findings on the quality of corporate reporting in 2019/2020

21 Oct, 2020

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting 2019/2020, 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. The report sets out the FRC’s expectations of areas of corporate reporting that require improvement and what it expects companies to focus on in the coming reporting season. The FRC expects companies to consider its findings during the financial reporting process.

FRC calls for improvements in the reporting of revenue and leases

25 Sep, 2020

The Financial Reporting Council (FRC) has published the results of two thematic reviews covering the current reporting on IFRS 15 ‘Revenue from Contracts with Customers’ and IFRS 16 ‘Leases’ following the first year of its application. The reviews identify a number of areas where companies need to improve their reporting.

FRC proposes amendments to FRS 102

29 May, 2020

The Financial Reporting Council (FRC) has issued Financial Reporting Exposure Draft (FRED) 74 ‘Interest rate benchmark reform (phase 2)’.

Need to know — FRC issues Amendments to FRS 102 - Interest Rate Benchmark Reform

28 Jan, 2020

This Need to Know addresses the recent amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland that have been published by the Financial Reporting Council (FRC). These amendments are titled Interest Rate Benchmark Reform.

FRC makes amendments to FRS 102

19 Dec, 2019

The Financial Reporting Council (FRC) has issued 'Amendments to FRS 102 – Interest rate benchmark reform'.

FRC announces thematic reviews for 2020/2021

16 Dec, 2019

The Financial Reporting Council (FRC) has announced the corporate reporting and audit quality thematic reviews that it will undertake in 2020/21.

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.

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'

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