The feedback statement follows the discussion paper A Matter of Principles: The Future of Corporate Reporting, published in October 2020. In the feedback statement, the FRC discusses the feedback received from respondents and the next steps it plans to take, after taking into consideration the feedback received, over the short, medium and long term.

Feedback from respondents was broadly supportive of a reporting model that accommodates the information needs of investors and wider stakeholders; the development of guiding principles; the concept of the reporting network; and the development of standards for non-financial reporting. There was also support for the importance of firms providing information about how they view their obligations in respect of the public interest although support was more muted for a standalone Public Interest Report.

Respondents also called for the FRC to consider the practical challenges of implementing the proposals, including the level of audit and assurance over the different reports within the network.

The FRC received mixed views on whether an objective-driven model that was audience-neutral should replace the current model where the content of the report is determined by reference to the information needs of the primary users. One of the challenges identified with the objective-driven approach was determining materiality.

The press release and full feedback statement are available on the FRC website.