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Annual report of the UK FRRP

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19 Aug 2010

The Financial Reporting Review Panel (FRRP) of the UK Financial Reporting Council (FRC) has published its annual report 2010. The FRRP is responsible for ensuring that the annual accounts of public companies and large private companies comply with the requirements of the Companies Act and applicable accounting standards.

An excerpt from the FRRP findings:

Conclusion

The Panel found continuing improvement in the general quality of IFRS financial reporting. It was particularly pleased to note improvements in the description of significant accounting policies and the disclosure of judgements made by Boards in applying those policies. However, in two areas, capital management and sharebased payment disclosures, reporting was sometimes poor in terms of content, extent and usefulness. The Panel believes that, as the economy stabilises, these areas will assume greater significance in corporate reports. The FRC will, therefore, conduct a targeted review of these matters. The results of the reviews are to be published in the autumn.

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