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2016 update on half-yearly financial reporting

Published on: 15 Jul 2016

This publication provides an illustrative half-yearly financial report (also referred to as 'interim accounts') and disclosure checklist, suitable for use for June 2016 half-years. The regulatory requirements for UK listed companies’ half-yearly financial reports are also explained, highlighting the changes for preparers to contend with in 2016.

2016 sees relatively few changes to half-yearly financial reporting, the most significant is that the ESMA Guidelines on APMs, commonly referred to as non-GAAP measures, takes effect for certain items published on or after 3 July 2016. The FRC has published FAQs that explain that the Guidelines do apply to interim management reports – the narrative portion in half-yearly financial reports, but not to financial statements.

The publication contains the following elements:

  • a regulatory overview, setting out the requirements for half-yearly financial reports and changes for preparers to contend with in 2016, including the European Securities and Markets Authority (ESMA) Guidelines on Alternative Performance Measures (APMs);
  • insight on the financial reporting consequences of Brexit;
  • a short survey examining reporting practices by 56 FTSE 350 companies in their 2015 half-yearly financial reports, enabling companies to benchmark their own practices;
  • a model half-yearly financial report, including illustrative IAS 34 condensed financial statements; and
  • a disclosure checklist, including new material on ESMA’s guidelines on APMs.


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