This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

FRC publish update on reporting by smaller listed and AIM quoted companies

  • FRC Image

01 Jul 2016

The Financial Reporting Council (FRC) has published an update on their previous Discussion Paper on improving the quality of reporting by smaller listed and AIM-quoted companies.

In June 2015 the FRC published a Discussion Paper, Improving the Quality of Reporting by Smaller Listed and AIM Quoted Companies. The purpose of this paper was to outline the FRC’s view of the reasons for the poorer quality reporting by some smaller listed and AIM quoted companies in addition to outlining a number of proposals designed to help such companies improve the quality of their reporting. The Discussion Paper invited respondents’ views on both the issues identified by the FRC and their proposed actions.

The update provides an overview of the feedback received to the Discussion Paper and summarises the FRC's progress against the proposals that were included in that paper.

In summary, respondents:

  • were generally supportive of the FRC’s findings and proposed actions as outlined in the Discussion Paper;
  • urged regulators not to impose any additional regulatory burdens on smaller quoted companies, particularly AIM companies;
  • agreed that all quoted companies should apply a common reporting framework and that IFRS represented the most appropriate framework;
  • did not support a review of the Responsible Individual registration process;
  • welcomed the FRC proposal to send out annual reminder letters targeted at smaller quoted companies;
  • agreed that the FRC should encourage smaller quoted companies to participate in Financial Reporting lab projects;
  • supported the plan to develop further practical guidance for audit committees; and
  • welcomed the initiative to explore opportunities for providing more support for preparers of financial statements through training and CPD regimes.

   Click for:

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.