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FRC publishes annual report 2015/16

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21 Jul 2016

The Financial Reporting Council (FRC) has today published its 2015/16 annual report (“the annual report”). The annual report reviews the activity of the FRC over the last year, highlights the achievements of the FRC in 2015/16 and also identifies areas that it will focus on in 2016/17. The annual report also outlines the FRC’s strategy for 2016-19.

In 2016-19 the FRC indicates that it will “concentrate on promoting a step change in audit quality and on driving up standard of governance, stewardship and reporting”. 

The annual report indicates that the FRC will, as far as possible “seek to avoid changes to the codes and standards for which [they] are responsible for at least the remainder of the [2016-19] strategy period, and longer if possible”.  Specifically the FRC will avoid making further changes to the UK Corporate Governance Code for the next three years.  It will, however, “continue to monitor application of the codes and standards to assess their impact and to identify whether any change is needed”.  

Additionally the FRC’s priorities for 2016/17, the first year of its new three year strategy include: 

  • Audit.  To establish and make the most effective use of its new role as the Competent Authority for audit.  By the end of the three year strategy period, the FRC aims that at least 90 per-cent of FTSE 350 audits will require no more than limited improvements as assessed by its monitoring programme.
  • Corporate Governance.  Continue its work on corporate culture and promoting effective engagement between boards and investors.  The FRC will also continue to monitor how companies are responding to changes introduced by the 2014 UK Corporate Governance Code in relation to the reporting of viability and risk management and internal controls.
  • Corporate reporting.  Activities include influencing the development of International Financial Reporting Standards (IFRSs) and continued assistance to smaller listed and AIM companies to help them improve the quality of their reporting.  The FRC will also continue to promote ‘Clear & Concise’ reporting. 

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