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FRC to delay finalisation of Strategic Report guidance

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04 Dec 2017

The Financial Reporting Council (FRC) has today announced that it is to delay the publication of its amended Guidance on the Strategic Report (“the Guidance”) until after the government has announced its legislative changes in respect of reporting on section 172.

The amended guidance, which was consulted on in August 2017, would aim to amend the FRC’s Guidance on the Strategic Report to incorporate the requirements of the Non-Financial Reporting Regulations and enhance the link between the strategic report and the directors’ section 172 duty to promote the success of the company.

The government legislative changes, expected in March 2018, are likely to result in amendments to the existing strategic report guidance and further amendments will also be required to incorporate them.

A decision has therefore been taken by the FRC to delay its finalised Guidance. However the FRC indicates that it “remains committed to promoting better reporting in respect of section 172 and it encourages boards to continue to develop their thinking in this critical area”.

The FRC has also prepared a set of frequently asked questions, in response to feedback from preparers, which seek to clarify the changes resulting from the introduction of the Non-Financial Reporting Regulations and assist companies with implementing them. The frequently asked questions should be read alongside the 2014 version of the FRC’s Guidance on the Strategic Report and are intended to serve as a guide in the interim period whilst the FRC finalises its update to the Guidance.

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