The resources listed below complement our Closing Out 2017 publication and act as a reminder of the key areas within accounting and financial reporting to be focusing on during the 2017 reporting season.  They include: 

• A number of important messages from the Financial Reporting Council (FRC), via its Annual Review of Corporate Reporting 2016/17, its letter to Audit Committee Chairs and Finance Directors and its recent thematic reviews on specific areas of corporate reporting.
• Messages from the European Securities and Markets Authority (ESMA) on the areas that it (and national enforcers like the FRC) will be focusing on when reviewing listed companies' 2017 financial statements.  
• Resources on narrative reporting, an area of increasing interest to the FRC.  Changes this year have come through enactment of the EU Non-Financial Reporting Directive.  The FRC Draft updated Guidance on the Strategic Report from the FRC also highlights the focus on information on how directors have fulfilled their duty under s172 of the Companies Act when taking decisions to promote the long-term success of the company.
• Reports published by the Financial Reporting Reporting Lab around disclosure of dividend policy and distributable profits, business model reporting, principal risks and uncertainties and the longer-term viability statement.  
• Resources on the amendments to IFRSs mandatorily effective for December 2017 year-ends.  While the changes to accounting requirements effective this year are limited, there is a high level of interest in disclosure of the quantitative effects of upcoming standards such as IFRS 15 on revenue and IFRS 9 on financial instruments, with a clear expectation from both the FRC and ESMA that clear, entity specific information will be included in 2017 financial statements.
• Resources on the ESMA Guidelines on Alternative Performance Measures (APMs)Frequently asked questions and an updated Q&A document on the Guidelines have been published by the FRC and ESMA respectively to assist directors with their implementation.  Our Need to know publication also provides useful guidance.   

Click for direct access to:

• FRC reminders
• ESMA reminders
• Narrative reporting areas of focus
• New and revised IFRSs as at 31 December 2017
• New and revised UK GAAP application as at 31 December 2017
• UK GAAP resources