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 |
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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 |
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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’. |
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Clear and concise: Developments in narrative reporting FRC website: link News item: Clear and concise: Developments in narrative reporting |
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Disclosures of supplier relationships and commercial income FRC website: link |
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