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

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FRC publishes the results of its thematic review into the use of APMs

25 Nov, 2016

The Financial Reporting Council (FRC) has today published the results of its thematic review into companies’ use of Alternative Performance Measures (APMs) in their narrative reporting.

Governance in brief — FRC’s CRR report calls for more tax and stakeholder reporting as well as better business model, risk and judgement disclosures Image

Governance in brief — FRC’s CRR report calls for more tax and stakeholder reporting as well as better business model, risk and judgement disclosures

03 Nov, 2016

The Financial Reporting Council (FRC) has issued its 2015/16 Corporate Reporting Reporting (CRR) annual report, which reflects the political agenda and the social mood by encouraging business to enhance tax disclosures and include disclosures on wider stakeholder considerations around how the directors have discharged their duties. This edition of Governance in brief explores the findings in the CRR annual report, the recommendations in the FRC’s year-end advice letter to preparers and the aspects of financial statements and broader corporate reporting that the FRC is looking to companies to focus on in the coming year.

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FRC publishes the results of its thematic review of tax disclosures

31 Oct, 2016

The Financial Reporting Council (FRC) has today published the results of its thematic review of tax reporting. Thematic review supplement the FRC’s Corporate Reporting Review (CRR) function’s monitoring of company reports and accounts for compliance with the Companies Act 2006, applicable accounting standards and other reporting requirements. The aim of these reviews is to identify examples of good practice reporting and areas where improvements can be made.

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FRC’s Financial Reporting Lab issues report on business model reporting

27 Oct, 2016

The Financial Reporting Council’s (FRC’s) Financial Reporting Lab has published a report on business model reporting. The report highlights the importance of business model information to investors and provides valuable insight for companies on the type of information that they should be including in their business model disclosure. It also incorporates best practice examples.

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FRC publishes findings on the quality of corporate reporting in 2015/2016

21 Oct, 2016

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting 2015/2016, 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.

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FRC publishes year-end advice for smaller and larger listed companies

11 Oct, 2016

The Financial Reporting Council (FRC) has today published a letter to Audit Committee Chairs and Finance Directors containing “the FRC’s perspective on aspects of annual reports that companies should aim to improve” in the coming 2016 reporting season and highlighting recent changes to UK reporting requirements.

Need to know — Focusing on tax transparency in annual reports and accounts Image

Need to know — Focusing on tax transparency in annual reports and accounts

29 Sep, 2016

This edition of 'Need to know' highlights some key issues and challenges for publicly traded companies in the forthcoming reporting season in relation to the transparency of accounting for and disclosure of both current and deferred taxes required by IAS 12 'Income Taxes' in annual reports and accounts.

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FRC publish reminders for half-yearly and annual financial reports following the EU referendum

12 Jul, 2016

The Financial Reporting Council (FRC) has published some high-level guidance for directors to consider when preparing their forthcoming half-yearly and annual financial reports.

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FRC publishes frequently asked questions on the ESMA APM Guidelines

25 May, 2016

The Financial Reporting Council (FRC) has today issued responses to some frequently asked questions on the European Securities and Markets Authority's (ESMA's) 'Guidelines on Alternative Performance Measures'. The responses have been developed to "assist directors in their consideration of the Guidelines'. — Alternative performance measures: A practical guide

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FRC issues Plan and Budget for 2016/2017

28 Apr, 2016

The Financial Reporting Council (FRC) has published its Plan and Budget for 2016/2017. The plan sets out the activities that the FRC will focus on in the first year of its new 2016/19 three year strategic programme.

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FRC publishes scope of Audit Quality Reviews for 2016/17

30 Mar, 2016

The Financial Reporting Council (FRC) has published the scope of independent inspections of individual entities to be undertaken by its Audit Quality Review (AQR) team in 2016/17.

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FRC publishes guidance for Audit Committee Chairs on the reporting implications of current economic volatility

08 Mar, 2016

The Financial Reporting Council (FRC) has received requests for guidance on how economic uncertainty arising from matters such as volatile asset prices, falling oil prices, low interest rates and the UK's referendum on EU membership should be dealt with in annual reports. In response to these requests, the FRC has published a letter to Audit Committee Chairs highlighting the areas potentially affected.

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FRC draft plan and budget highlights key areas of focus for 2016/2017

22 Dec, 2015

The Financial Reporting Council (FRC) has published its Draft Plan & Budget and Levy Proposals for 2016/17, which represents the first year of its new 2016/19 three year strategic programme.

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FRC publishes practical tools to help companies achieve Clear & Concise reporting

17 Dec, 2015

The Financial Reporting Council (FRC) has today issued 'Clear & Concise: Developments in Narrative Reporting. This report includes practical tools to help companies achieve Clear & Concise reporting, as well as a study reviewing the influence of the FRC's Guidance on the Strategic Report on the quality of narrative reporting.

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FRC publishes year-end considerations for larger listed companies

15 Dec, 2015

The Financial Reporting Council (FRC) has today published a letter containing year-end considerations for preparers of larger listed annual reports.

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FRC calls for transparent disclosure of tax risks in corporate reports

01 Dec, 2015

The Financial Reporting Council (FRC) has today announced that it will carry out a thematic review of tax reporting by a number of FTSE 350 companies to encourage more transparent recording of the relationship between companies’ tax charges and accounting profit.

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FRC publishes year-end advice to preparers of smaller listed and AIM quoted company annual reports

11 Nov, 2015

The Financial Reporting Council (FRC) has today published a letter containing year-end advice to preparers of smaller listed and AIM quoted company annual reports.

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FRC publishes Strategy for 2016/19

28 Oct, 2015

The Financial Reporting Council (FRC) has published its Strategy for 2016/19. It intends to shift the emphasis of its activities away from the introduction of new requirements and, instead, to focus on embedding the requirements that have been introduced over the past three years to ensure that the intended benefits are secured.

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FRC publishes Corporate Reporting Review Annual Report 2015

22 Oct, 2015

The Financial Reporting Council (FRC) has today published the Corporate Reporting Review Annual Report 2015 (“the report”) covering reviews conducted by the Conduct Committee into the current state of corporate reporting in the UK. The report covers reviews carried out in the year to 31 March 2015. It highlights that “overall the quality of corporate reporting remains generally good, particularly by large public companies”. The report also indicates that there has been a “good response” to the FRC’s call for enhanced disclosures about complex supplier arrangements.

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Conduct Committee findings in relation to accounting under IAS 18

30 Sep, 2015

The Financial Reporting Council (FRC) has issued a press release of the findings of its Conduct Committee stemming from the review of the annual reports and accounts of blur Group plc ("the company").

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.