FRC publishes annual report 2016/17

  • FRC Image

20 Jul, 2017

The Financial Reporting Council (FRC) has published its 2016/17 annual report (“the annual report”).

The annual report outlines the FRC’s financial position, highlights achievements and challenges in 2016/17 and also identifies areas that it will focus on in 2017/18. The annual report also outlines the progress made in the FRC’s strategy for 2016-19.

In 2017/18 the FRC will aim for “further improvements in governance, reporting, auditing and actuarial work, which will contribute to increased trust and confidence in business”. 

Specifically the FRC’s priorities for 2017/18 include:

  • Driving further improvements in the quality of audit, including through a thematic review of audit firm culture
  • A comprehensive review of the UK Corporate Governance Code and promotion of its work on corporate culture. Also a review of the UK Stewardship Code.
  • Promotion of Clear and concise reporting by companies, including through a Financial Reporting Lab project on reporting of principal risks and viability statements.
  • Enhancing the speed and effectiveness of its enforcement role, including a review of its sanctions.

Click for (all links to FRC website):

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.