News items on the strategic report

The Strategic report is under the spotlight and is a constant area of FRC challenge. From ensuring that relationships and linkages between financial and non-financial reporting information are clearly explained to complying with the enhanced reporting under the EU non-financial reporting directive and providing better information on how boards have fulfilled their duty under s172 when taking decisions to promote the long term success of the company. There are many things to consider. The FRC draft updated Guidance on the Strategic Report will help companies to improve in these areas.

Risk reporting and viability statements is another area of FRC and investor scrutiny with calls for greater differentiation of the time periods used by different companies and sectors and a clear rationale for the period selected. Companies are encouraged to revisit their assessment of the risks and ongoing uncertainties regarding the effects of the EU referendum and impact of other systematic risks, making appropriate disclosures to reflect their latest analysis and how this has developed over the year.

This page includes a comprehensive collection of news items — organised chronologically — specifically on the strategic report.

Related news items

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DBT proposes to simplify reporting for medium-sized companies

18 May, 2024

The Department for Business and Trade (DBT) has issued a consultation which proposes simpler reporting for medium-sized companies in the UK.

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FRC publishes its Plan and Budget for 2024-25

28 Mar, 2024

The Financial Reporting Council (FRC) has published its Plan and Budget for 2024-25.

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DBT publishes summary of responses to its non-financial reporting review call for evidence

21 Mar, 2024

The Department for Business and Trade (DBT) has published a summary of responses to its non-financial reporting review call for evidence, and also an impact assessment which sets out the first stage of planned measures to reform the UK non-financial reporting framework.

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FRC issues policy update on the UK Corporate Governance Code

09 Nov, 2023

In light of the Government's withdrawal of proposed secondary legislation laid in July covering the Audit & Assurance Policy, the Resilience Statement, the Material Fraud Statement and enhanced reporting on distributions, the Financial Reporting Council (FRC) has issued a policy announcement confirming that the update to the UK Corporate Governance Code ("the Code") will go ahead but will recognise the wider debate about business reporting requirements and burdens across the economy.

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Government withdraws new reporting regulations

17 Oct, 2023

The Government has announced that it has withdrawn the proposed secondary legislation laid in July covering the Audit & Assurance Policy, the Resilience Statement, the Material Fraud Statement and enhanced reporting on distributions.

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FRC publishes findings on the quality of corporate reporting in 2022/2023

07 Oct, 2023

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting 2022/2023. The report sets out the FRC’s expectations for areas of corporate reporting that require improvement and highlights the ten most frequently raised topics where improvements to reporting quality are needed. The findings follow a review of 263 annual reports and accounts with weighting in favour of the FTSE 350. 

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We comment on the DBT non-financial reporting review call for evidence

18 Aug, 2023

We have published our comment letter on the Department for Business and Trade’s (DBT’s) call for evidence on the UK’s non-financial reporting framework (“the call for evidence”).

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New reporting regulations laid before Parliament for approval

21 Jul, 2023

The Department for Business & Trade (DBT) has laid new reporting regulations before Parliament for approval. The draft ‘Companies (Strategic Report and Directors’ Report) (Amendment) Regulations 2023’ will, if approved, create a number of new corporate reporting requirements for very large UK Companies – defined in the Regulations as a ‘company with a high level of employees and turnover’. These regulations will not become law until they have been debated by both Houses in the Autumn but the draft regulations make clear the Government’s proposed approach to these new requirements. The draft regulations are in line with the direction set out in the Government’s response to its ‘Restoring trust in audit and corporate governance’ White Paper issued in June 2022.

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DBT, working with the FRC, conducts a review of the non-financial reporting requirements UK companies need to comply with to produce their annual report

25 May, 2023

The Department for Business and Trade (DBT), working with the Financial Reporting Council (FRC), is conducting a review of the non-financial reporting requirements UK companies need to comply with to produce their annual report and to meet broader requirements that sit outside of the Companies Act 2006.

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FRC Lab calls for participants for a new project on business model-focused reporting

27 Feb, 2023

The Financial Reporting Council Lab (FRC Lab) is inviting companies, investors and other interested parties to participate in a new project on business model-focused reporting.

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FRC publishes findings on the quality of corporate reporting in 2021/2022

28 Oct, 2022

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting 2021/2022. The report sets out the FRC’s expectations of areas of corporate reporting that require improvement and highlights the ten most frequently raised topics where improvements to reporting quality are needed.

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European Council and European Parliament reach an agreement on the corporate sustainability reporting directive (CSRD)

07 Jul, 2022

Following the provisional political agreement on the EU Corporate Sustainability Reporting Directive (CSRD), on 22 June 2022, the near final text for the CSRD has been published.

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FRC publishes updated Guidance on the Strategic Report

22 Jun, 2022

The Financial Reporting Council (FRC) has published an updated edition of its Guidance on the Strategic Report to incorporate the new climate-related financial disclosures, following changes in legislation made earlier this year, along with a number of other amendments which have been made to maintain alignment with legislation.

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UK government issues non-binding guidance on climate-related financial disclosures

23 Feb, 2022

The Department for Business, Energy & Industrial Strategy (BEIS) has issued non-binding guidance on legislation requiring certain UK companies and LLPs to make climate-related financial disclosures.

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UK government finalises legislation on climate-related financial disclosures

20 Jan, 2022

The Department for Business, Energy & Industrial Strategy (BEIS) has finalised two statutory instruments requiring certain UK companies and LLPs to make climate-related financial disclosures.

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FRC announces thematic review and priority sectors for 2022/23

07 Dec, 2021

The Financial Reporting Council (FRC) has announced its corporate reporting and audit quality review programme for 2022/23 alongside its priority sectors for review.

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FRC publishes a staff factsheet on climate-related matters for FRS 102 reporters

16 Nov, 2021

The Financial Reporting Council (FRC) has published a staff factsheet to inform preparers of annual reports under FRS 102 of climate-related matters they may need to consider when preparing financial statements and associated narrative reporting.

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UK government publishes draft legislation on climate-related financial disclosures

05 Nov, 2021

The Department for Business, Energy & Industrial Strategy (BEIS) has published draft regulations requiring UK public interest entities, Alternative Investment Market (AIM) companies and high turnover companies and Limited Liability Partnerships (LLPs) to make climate-related financial disclosures. The regulations, which amend the Companies Act 2006, will take effect for periods commencing on or after 6 April 2022.

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FRC Lab publishes a report on better practice TCFD reporting

01 Nov, 2021

The Financial Reporting Lab ("the Lab") has published a report to help companies prepare for mandatory Taskforce on Climate-related Financial Disclosures (TCFD) reporting.

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FRC publishes findings on the quality of corporate reporting in 2020/2021

27 Oct, 2021

The Financial Reporting Council (FRC) has published its Annual Review of Corporate Reporting 2020/2021. The report sets out the FRC’s expectations of areas of corporate reporting that require improvement and highlights the ten most frequently raised topics where improvements to reporting quality are needed.

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