The resources listed below complement our Closing Out 2016 publication and act as a reminder of the key areas within accounting and financial reporting to be focusing on during the 2016 reporting season. 

They include a number of important messages from the Financial Reporting Council (FRC) for listed companies and a number of key messages from the Conduct Committee's Annual Review of Corporate Reporting 2015/16 which companies should be focusing their attention on.  Also included are the most recent press releases from the FRC's Conduct Committee 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 and business model reporting should look to reports published by the Financial Reporting Lab. 

For those companies that have not transitioned to the new UK GAAP framework, our 'New UK GAAP' collection of resources below, will provide helpful guidance.  For those that are already applying it there are amended versions of FRSs 100, 101 and 102 which incorporate changes as a result of the UK implementation of the EU Accounting Directive to be aware of.  Additionally, there are significant changes to the financial reporting regime for smaller and micro companies who can no longer follow the FRSSE.  These changes are applicable for accounting periods beginning on or after 1 January 2016.   

There are no new IFRS Standards to note to be applied in 2016 but do not forget a number of amendments and annual improvements that will be mandatorily effective for December 2016 year-ends.  Also, companies should ensure that they disclose the effects of Standards in issue that have not yet been adopted; particularly IFRS 15, IFRS 9 and IFRS 16. 

In addition to the FRC reminders, the European Securities and Markets Authority (ESMA) has also put out its own reminders to reporters on 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' 2016 financial statements.  

Also relevant for companies with securities traded on regulated markets are the ESMA Guidelines on Alternative Performance Measures.  The FRC has indicated that it will be considering the ESMA Guidelines when reviewing company reports and accounts in assessing whether they are fair, balanced and comprehensive.  Frequently asked questions on the Guidelines have been published by the FRC to assist directors.  Our Need to know publication also provides useful guidance.  

As well as changes to the UK financial reporting regime as a result of the UK implementation of the EU Accounting Directive, reporters should also note other changes to UK reporting as a result.  These include substantially increased small company size limits and, as well as disclosing a list of related undertakings in the accounts, for accounting periods beginning on or after 1 January 2016, this disclosure will also need to include the address of the registered office of such undertakings. 

A number of changes have also been made to the accounting and reporting requirements for LLPs in law, to align with the changes made for companies and qualifying partnerships.  Our Need to know publication highlights these. 

Click for direct access to:

• FRC reminders
• ESMA reminders
• New and revised IFRSs December 2016
• IOSCO statement on disclosures relating to IFRS 15, IFRS 16 and IFRS 9
• Related undertakings disclosure for accounts approved on or after 1 July 2015
• Changes as a result of the UK implementation of the EU Accounting Directive
• New UK GAAP