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Smaller listed and AIM company reporting


The FRC has launched a project to evaluate and plan how it might assist smaller listed and AIM companies to address the quality of their reporting so as to improve confidence in the integrity of their financial statements and of the markets as a whole.

The project is aimed at achieving a step change in the quality of financial reporting of smaller listed and AIM companies over a three year period.  The project will be in three phases:

  • Phase 1 - gather and assess evidence of the root causes of the challenges and exploration of ways in which the FRC can support companies to make improvements. 
  • Phase 2 - implementation of supporting actions
  • Phase 3 - evaluate whether the quality of financial reporting has improved. 

 The FRC would like to gather the views of both preparers and users of annual reports, both to understand the challenges that smaller companies encounter when preparing their annual reports and to also obtain input on suggestions as to how smaller companies can be helped to improve the quality of their reporting.

Project Milestones

Phase 1 of the project was completed in June 2015.

Current status of the project

In June 2015, the FRC published a discussion paper on proposals to improve the quality of reporting by smaller listed and AIM-quoted companies setting out its findings from phase 1 of the project.

In November 2015, the FRC published a letter containing year-end advice to preparers of smaller listed and AIM quoted company annual reports.

In July 2016, the FRC published an update to their June 2015 discussion paper which summarised respondents' views and outlined the FRC's progress in implementing their proposals.

In October 2016, the FRC published year-end considerations for smaller and larger listed companies

In November 2018, the FRC published the results of its thematic review of reporting by smaller listed and AIM quoted companies.

In May 2019, the FRC published a guide to help smaller-listed companies improve financial reporting.

Correction list for hyphenation

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