FRC publishes latest edition of quarterly newsletter on financial reporting

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17 Mar, 2016

The Accounting and Reporting policy team of the Financial Reporting Council (FRC) has published its latest edition of its newsletter on financial reporting.

The newsletter “Setting the Standard” covers the following key areas:

  • Clear and Concise Reporting. The newsletter discusses the ‘Clear and Concise: Developments in Narrative Reporting’ report published in December 2015 in addition to the following narrative reporting issues:
    • The publication on the 16 February 2016 of the Department of Business, Innovation and Skills (BIS)’s consultation document on the European Union’s (EU's) non-financial reporting Directive.
    • The International Accounting Standard Board (IASB) Disclosure Initiative.
    • Draft Practice Statement on the Application of Materiality published by the IASB in October 2015.
    • The IASB’s Principles of Disclosure Discussion Paper that is expected to be published in the next six months.  More details on the Principles of Disclosure project can be found here.
  • UK GAAP Update. Three financial reporting exposure drafts (FREDs) were recently issued for comment – FRED 62, FRED 63 and FRED 64. These will affect only a limited number of entities preparing financial statements in accordance with UK GAAP.
  • Other UK GAAP updates include the triennial review of Financial Reporting Standard (FRS) 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland – this will now take place later than originally envisaged with any changes not expected to take effect before 1 January 2019.
  • IFRS Update:
  • Current projects of the Financial Reporting Lab, specifically the project on Dividend Policy Disclosure.
  • Corporate Reporting Review. The FRC will undertake a thematic review of companies’ tax reporting in 2016.

Please click here for the full newsletter on the FRC website.

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