FRC publishes annual report 2012/13
19 Jul, 2013
The FRC has published their 2012/13 annual report, reviewing their activity over the last year and looking ahead to their key priorities for the future. The report is the first since the FRC's restructuring, which combined eight regulatory bodies into one. Accordingly, it provides an assessment of the current state of corporate governance, corporate reporting, audit and actuarial practice in the UK, the action the FRC is taking and their plans for the future in each of these areas.
In general the FRC found the quality of reporting to be good. However, despite the concerns that were raised in the previous year about the reporting by some smaller and listed and AIM quoted companies, the FRC did not see an improvement in their 2012/13 reviews.
Looking ahead, key priorities for the FRC include:
- to ensure companies assess and report better on their strategies, business models and risks, including finalising and implementing the Sharman panel's recommendations on going concern, Code requirements on risk management and narrative reporting guidance;
- to continue leading debates at European level on key issues; and
- to provide practical help through the Financial Reporting Lab to make annual reports more relevant, concise and free of clutter.
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