FRC reminders
The resources listed below - organised chronologically - are the key messages from the Financial Reporting Council (FRC) for the 2016 reporting season.
They include a number of important messages for listed companies and a number of key areas stemming from the Conduct Committee's Annual Review of Corporate Reporting 2015/16 which companies should be focusing on including their narrative reporting disclosures, alternative performance measures (APMs), accounting policies, judgements and estimates, tax reporting, pension and cash flow disclosures. Regarding APMs, 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.
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 and business model reporting should look to reports published by 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 2015.