FRC reminders

The resources listed below - organised chronologically - are the key messages from the Financial Reporting Council (FRC) for the 2015 reporting season. They include a number of important messages for companies of all sizes including specific year- end advice to preparers of smaller listed and AIM-quoted annual reports, key 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.

Quick links are also provided to the current projects of the FRC and Financial Reporting Lab and the year-end reminders of the FRC in 2014.

FRC reminders

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.

Comment deadline for FRED 74 - Interest rate benchmark reform (phase 2)

29 May, 2020

In May 2020, the Financial reporting Council (FRC) issued Financial Reporting Exposure Draft (FRED) 74 ‘Interest rate benchmark reform (phase 2)’. Comments are requested by 30 September 2020.

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.

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'

Comment deadline for FRC draft plan and budget

05 Apr, 2019

The Financial Reporting Council (FRC) has published its draft Plan and Budget for 2019/20, which sets out its priorities for 2019/20. Comments are requested by 8 May 2019.

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.

Correction list for hyphenation

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