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Narrative reporting

In addition to the directors’ report, the directors of a company other than those qualifying for the small companies exemption in the Companies Act 2006, are required to prepare a strategic report for each financial year.  The strategic report must be approved by the board of directors and signed on behalf of the board by a director or the secretary of the company.  Additional disclosure requirements in the strategic report are imposed on quoted companies.

Below is a comprehensive collection of helpful resources — organised chronologically — on narrative reporting.  Click for direct access to specific narrative reporting resources:

Latest Resources

Need to know — Non-Financial Reporting Regulations

15 Feb 2017

The government has enacted 'The Companies, Partnerships and Groups (accounts and Non-Financial Reporting) Regulations 2016' (SI 2016/1245) implementing the EU Non-Financial Reporting Directive (Directive 2014/95/EU). This newsletter discusses the new Regulations.

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.

Need to Know — FRC issues final guidance on going concern and reporting on solvency and liquidity risks for non-Code companies

09 May 2016

This edition outlines the contents of the FRC's final guidance on going concern and reporting on solvency and liquidity risks for those companies that do not apply the UK Corporate Governance Code.

Governance in brief — Gender pay gap information

17 Mar 2016

Tackling the gender pay gap is a key priority for the current government. The Prime Minister has made clear the government’s ambition to eliminate the gender pay gap in a generation, and the Government Equalities Office has now published draft regulations. Employers with 250 or more relevant employees are being asked to publish detailed gender pay information on their website for each financial year This Governance in brief explores the draft regulations issued. The government intends to lay the regulations before the parliament over the summer.

Need to know — BIS consults on disclosure of non-financial and diversity information

02 Mar 2016

This newsletter discusses the Department for Business Innovation and Skills (BIS) consultation on the UK implementation of the EU Non-Financial Reporting Directive 2014/95/EU on disclosure of non-financial and diversity information by certain large undertakings and groups.

Governance in Brief — FRC publishes 2014 Corporate Reporting Review and sets out areas of focus for the coming reporting season

06 Nov 2014

This publication from Deloitte discusses the Financial Reporting Council (FRC)'s report on the Corporate Reporting Review (CRR) activities for the year ended 31 March 2014.

Need to know — FRC publishes Guidance on the Strategic Report

16 Jun 2014

This newsletter discusses the key points of the Guidance on the Strategic Report published in June 2014 by the UK Financial Reporting Council.

Charities Alert — Strategic reports for charitable companies

06 Feb 2014

This publication from Deloitte discusses the implications of the Strategic Report requirements as set out in The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 (the ‘narrative reporting regulations’) for Charities.

Governance in focus: The 2013 audit committee reporting season: New rules or a new regime?

30 Oct 2013

Very significant changes have been introduced for 30 September year ends onwards and some of the key elements have only been finalised very late in the day. In addition, the Competition Commission’s final report, issued earlier this month, will require a shareholder vote on whether the Audit Committee Report is satisfactory with effect from the last quarter of 2014. This will enhance the visibility of the role and work of the Audit Committee as a whole and the Chair in particular. In this Governance in focus we provide a summary of the changes facing boards, audit committees and auditors and how they will impact the 2013 audit committee reporting season; we provide observations on early adopters and we also outline a framework for the new style audit committee report.

The Strategic Report — A practical guide

09 Oct 2013

The new narrative reporting legislation, effective for periods ending on or after 30 September 2013, provides the opportunity for UK companies to take a fresh look at the structure and content of what is commonly termed the ‘front half’ of the annual report. This publication from Deloitte is designed to help businesses make their strategic reports as valuable for users as possible. As well as providing guidance on the key requirements of the existing and new legislation, it provides useful insights into what those requirements really mean and how they might be best approached in practice.

Governance in brief: The new "Strategic Report"

16 Sep 2013

This publication from Deloitte (UK) discusses the requirements of the Strategic Report which all UK companies (except those that are small), whether listed or unlisted, will have to replace the current business review with for accounting periods ending on or after 30 September 2013. This publication discusses the FRC Consultation Draft of best practice guidance on assisting companies to prepare the Strategic Report including the main guiding "principles" and the content elements of a Strategic Report.

The Strategic report - Unlisted companies

11 Sep 2013

This publication explains the impact of the new narrative reporting regulations for unlisted companies and lays out the minimum requirements that must be met in respect of the new strategic report, as well as highlighting some thoughts for better practice. A summary of the key requirements applicable to unlisted companies is also included.

Need to Know - New UK narrative reporting regulations

14 Jun 2013

This publication from Deloitte (UK) discusses the long-awaited narrative reporting regulations issued by the United Kingdom Department for Business, Innovation and Skills (BIS). The regulations which have now been finalised and laid before parliament are the UK government’s response to a project that began in 2010 and are intended to make narrative reporting simpler, clearer and more focussed. The regulations will come into force for periods ending on or after 30 September 2013.

Need to know — UK FRC proposals on going concern - Implementing the recommendations of the Sharman Panel

22 Mar 2013

The publication from Deloitte (UK) discusses new guidance on going concern from the United Kingdom Financial Reporting Council (FRC).

iGAAP Alert — Draft regulations proposing a new structure for narrative reporting in the UK

24 Oct 2012

This alert from Deloitte (United Kingdom) the draft regulations published by the United Kingdom Department for Business, Innovation and Skills (BIS), which propose restructuring narrative reporting for all UK companies.

Governance in brief 2012/06

27 Jun 2012

This publication from Deloitte (UK) provides a summary of the latest corporate governance developments to June 2012.

Governance in brief: Summary of the latest corporate governance developments (Sharman report) (June 2012)

18 Jun 2012

This publication from Deloitte (UK) provides a summary of the latest corporate governance developments to June 2012.

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