FRC publishes annual report 2019/20

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22 Jul 2020

The Financial Reporting Council (FRC) has published its 2019/20 annual report (“the annual report”).

The annual report outlines the FRC’s financial position and highlights achievements and challenges in 2019/20, including those related to COVID-19. It also sets out progress made to date as it began to implement the recommendations of the independent review carried out by Sir John Kingman and transition to the Audit, Reporting and Governance Authority (ARGA). During the year it has also carried out a thorough governance review which has resulted in proposed changes to simplify the FRC's structure, clarify responsibilities and improve the speed and effectiveness of decision-making.

During 2020/21 the FRC's strategic priorities will include:

  • integrating all FRC reform into a transformation programme with appropriate governance;
  • expanding its oversight of the professional bodies;
  • updating the UK Corporate Governance Code and/or related guidance to include enhanced requirements on internal controls, risk management, going concern and resilience/viability;
  • assisting the Government with creating new structures for setting accounting standards following the UK's withdrawal from the EU; and
  • supporting the Government's green finance strategy to embed climate-related issues into corporate reporting.

    The press release and the full annual report are available on the FRC website.

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