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

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”.

FRC announces thematic reviews on impairment of non-financial assets and disclosures relating to the implementation of IFRS 16 within 2019 interim accounts

07 Nov, 2018

The Financial Reporting Council (FRC) has announced that it is to undertake thematic reviews on impairment of non-financial assets and disclosures relating to the implementation of IFRS 16 ‘Leases’ within 2019 interim accounts. In addition it will undertake a thematic review on the effects of the decision to leave the EU on companies’ disclosures.

FRC publishes the results of IFRS 9 and 15 thematic reviews

05 Nov, 2018

The Financial Reporting Council (FRC) has published the results of its thematic reviews looking at the disclosures made by companies on the impact of IFRS 9 ‘Financial Instruments’ and IFRS 15 ‘Revenue from Contracts with Customers’ in their June 2018 interim reports.

FRC publishes year-end advice to preparers in advance of the 2018/19 reporting season

25 Oct, 2018

The Financial Reporting Council (FRC) has published a letter to Audit Committee Chairs and Finance Directors, in advance of the 2018/19 reporting season, highlighting changes to reporting requirements and key matters which should be considered in the preparation of forthcoming annual reports and accounts.

FRC publishes findings on the quality of corporate reporting in 2017/2018

24 Oct, 2018

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Governance and Reporting 2017/2018, 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 also includes information on the level of compliance with the provisions of the UK Corporate Governance Code (“the Code”) as well as the quality of explanations and reporting provided by companies in their governance statements and committee reports.

FRC Lab report on on business model reporting and risk and viability reporting

18 Oct, 2018

A new report from the Financial Reporting Lab of the Financial Reporting Council (FRC) considers how reporting practice has changed since the Lab published its original reports on business model reporting and risk and viability reporting.

FRC issues a briefing setting out current ‘hot topics’ of its Corporate Reporting Review team

12 Jun, 2018

The Financial Reporting Council (FRC) has issued a Briefing setting out the current ‘hot topics’ of its Corporate Reporting Review (CRR) team. The CRR team monitors the quality of corporate reporting in the UK and enforces compliance with accounting standards and relevant company law.

FRC publishes Strategy for 2018/21

27 Mar, 2018

The Financial Reporting Council (FRC) has published its three year strategy for 2018/21 and its budget and levy proposals for the 2018/19 financial year.

FRC reminds Boards of companies in the construction and business support services sectors of their reporting obligations

30 Jan, 2018

The Financial Reporting Council (FRC) has published reminders to Boards of companies in the construction and business support services sectors of their reporting obligations. Although the FRC guidance is directed at one sector, in the light of the collapse of Carillion, the FRC states it is also relevant to other companies.

Comment deadline for FRC Strategy 2018/21

20 Dec, 2017

The Financial Reporting Council (FRC) has published its three year strategy for 2018/21 and its draft budget and levy proposals for the 2018/19 financial year. Comments are requested by 28 February 2018.

FRC publishes Strategy for 2018/21

19 Dec, 2017

The Financial Reporting Council (FRC) has published its three year strategy for 2018/21 and its draft budget and levy proposals for the 2018/19 financial year.

FRC publishes the results of its audit quality thematic review on materiality

13 Dec, 2017

The Financial Reporting Council (FRC) has published the results of its audit quality thematic review on materiality.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.