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Approval of narrative reporting and directors' remuneration regulations

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  • DEFRA Image

07 Aug 2013

The narrative reporting and directors' remuneration regulations have now been approved without further amendment. The regulations come into effect for periods ending on or after 30 September 2013.

These regulations come into force alongside a number of other changes which will apply to companies with periods commencing on or after 1 October 2012:

  • The 2012 UK Corporate Governance Code and related Guidance for Audit Committees - this includes the requirement to report whether the annual report contains the information necessary to understand the company’s performance, strategy and business model and whether, taken as a whole, the annual report is “fair, balanced and understandable”; enhanced disclosure of the work of the audit committee; and more transparency on the auditor relationship and on how the effectiveness of the external audit process is assessed.
  • The extended auditor’s report – this applies to audit reports for listed companies and requires the auditor to give significantly more detail about and insight into the audit.
  • Going concern - the FRC is encouraging larger companies to provide more reporting of risks around financing and going concern in line with the proposals set out in its recent consultation.

A number of other regulations were also approved simultaneously (all links to statutory instruments):

Click for:

Approved directors’ remuneration report regulations (link to statutory instrument)

Approved narrative reporting regulations (link to statutory instrument)

Our previous story on the narrative reporting regulations

Our previous story on the new directors’ remuneration report regulations

 

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