FRC announces areas of supervisory focus for 2024/25
08 Dec, 2023
The Financial Reporting Council (FRC) has announced its areas of supervisory focus for 2024/25, including priority sectors, for corporate reporting reviews and audit quality inspections.
The FRC’s programme of corporate reporting reviews and audit quality inspections will pay particular attention to the following areas:
- Risks related to the current economic environment (for example: going concern, impairment, recoverability and recognition of tax assets/liabilities)
- Climate related risks, including Task Force on Climate-related Financial Disclosures (TCFD)
- Implementation of IFRS 17 Insurance Contracts
- Cash flow statements
In selecting corporate reports and audits for review, the FRC will give priority to construction and materials, food producers, gas, water and multi-utilities, industrial metals and mining and retail.
A press release is available on the FRC website.
