This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

iGAAP Alert — Draft regulations proposing a new structure for narrative reporting in the UK

Published on: 24 Oct 2012

The United Kingdom Department for Business, Innovation and Skills (BIS) has published The future of narrative reporting: A new structure for Narrative Reporting in the UK, which sets out draft regulations which aim to re-energise UK reporting.

Under the proposed regulations, the business review will be replaced with a strategic report. This is broadly similar to a business review but includes some extra content for quoted companies concerning the business model, human rights and diversity. The need to disclose essential contracts have been dropped. The directors' report is largely unchanged although information on principal activities and a handful of other requirements have been removed.

Shareholders who currently receive only the summary financial statement will in future receive the strategic report instead. This replaces a summarised profit and loss account and balance sheet with what is essentially a narrative discussion about the company's strategy and performance.

If enacted, the regulations will come into force in October 2013. Comments on the regulations are requested by 15 November 2012.

Read more by downloading the alert below.


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.