FRC publishes a factsheet on the EU Non-Financial Reporting Directive
26 Jul, 2017
The Financial Reporting Council (FRC) has today published a factsheet on non-financial reporting that provides an overview of the new regulations implementing the EU Directive on non-financial and diversity information (“EU NFR Directive”).
The Companies, Partnerships and Groups (Accounts and Non-Financial Reporting) Regulations 2016 (SI 2016/1245) (“the Regulations”), which were published by The Department for Business, Energy & Industrial Strategy (BEIS) in December 2016, implement the EU NFR Directive in the UK. The Regulations apply to the financial years of companies and qualifying partnerships, within scope of the Regulations, beginning on or after 1 January 2017.
The factsheet covers:
- Scope of the Regulations.
- What companies within scope need to disclose in both the strategic report and in the corporate governance statement.
- How the new requirements for the Strategic Report fit within the narrative reporting framework.
- Changes to existing narrative reporting requirements for those companies within scope of the Regulations.
The press release and factsheet are available on the FRC website. Our related Need to know publication on the Regulations is available here.
