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Clear & Concise

Background

The Financial Reporting Council’s (FRC's) Clear & Concise initiative is a programme of activities aimed at ensuring that annual reports provide relevant information for investors.  The aim of the FRC with this initiative is to "promote good communication in corporate reporting".  One of the aims of the Clear and Concise initiative is to change behaviour relating to financial reporting. The FRC calls for action by all those involved in the financial reporting process to focus on; communication; placement of information; and materiality.  The Clear & Concise initiative brings together activities from across the FRC including narrative reporting, reports from the financial reporting lab and reporting by Corporate Reporting Review on areas in financial statements where 'clutter' is observed.

Current status of the project

The FRC's current work programme on clear and concise financial reporting is as follows:

Improving the accessibility of information Improving the quality of disclosures for investors Influencing competing strategies Implementation

Guidance on the Strategic Report

FRC website: link

News item: Guidance on the Strategic Report

New item: FRC proposes amendments to its Guidance on the Strategic Report

Corporate Reporting Review Annual Report

FRC website: link

News item: Corporate Reporting Review Annual Report

EU Directive non-financial reporting

FRC website: link

News item: Regulations implementing the EU non-financial reporting Directive published

Towards Clear & Concise reporting

FRC website: link

News item: Towards Clear & Concise reporting

Clear and concise: Developments in narrative reporting

FRC website: link

News item: Clear and concise: Developments in narrative reporting

IASB Disclosure Initiative

FRC website: link 

Project page: IASB Disclosure Initiative

 

Clear & Concise reporting: case studies

FRC website: link

Project page: Clear & Concise reporting: case studies

Corporate Reporting in a digital world

FRC website: link

News item: Corporate reporting in a digital world

IAASB Proposed changes to the ISAs ‘Addressing Disclosures in the Audit of Financial Statements’.

FRC website: link

News item: IAASB Proposed changes to the ISAs ‘Addressing Disclosures in the Audit of Financial Statements’.

 

Clear and concise: Developments in narrative reporting

FRC website: link

News item: Clear and concise: Developments in narrative reporting

 

Disclosures of supplier relationships and commercial income

FRC website: link

News item: Lab Case Study Report: WM Morrisons Supermarkets PLC - Supplier relationships and emergent issues reporting

 

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.