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• DBT publishes summary of responses to its non-financial reporting review call for evidence

• 21 Mar, 2024

• The Department for Business and Trade (DBT) has published a summary of responses to its non-financial reporting review call for evidence, and also an impact assessment which sets out the first stage of planned measures to reform the UK non-financial reporting framework.

• Secretary of State for Business and Trade issues an updated remit letter to the FRC

• 27 Nov, 2023

• The Secretary of State for Business and Trade has issued the Financial Reporting Council (FRC) with a new remit letter updating the Government’s priorities for the FRC’s work.

• FRC issues policy update on the UK Corporate Governance Code

• 09 Nov, 2023

• In light of the Government's withdrawal of proposed secondary legislation laid in July covering the Audit & Assurance Policy, the Resilience Statement, the Material Fraud Statement and enhanced reporting on distributions, the Financial Reporting Council (FRC) has issued a policy announcement confirming that the update to the UK Corporate Governance Code ("the Code") will go ahead but will recognise the wider debate about business reporting requirements and burdens across the economy.

• Government withdraws new reporting regulations

• 17 Oct, 2023

• The Government has announced that it has withdrawn the proposed secondary legislation laid in July covering the Audit & Assurance Policy, the Resilience Statement, the Material Fraud Statement and enhanced reporting on distributions.

• We comment on the DBT non-financial reporting review call for evidence

• 18 Aug, 2023

• We have published our comment letter on the Department for Business and Trade’s (DBT’s) call for evidence on the UK’s non-financial reporting framework (“the call for evidence”).

• New reporting regulations laid before Parliament for approval

• 21 Jul, 2023

• The Department for Business & Trade (DBT) has laid new reporting regulations before Parliament for approval. The draft ‘Companies (Strategic Report and Directors’ Report) (Amendment) Regulations 2023’ will, if approved, create a number of new corporate reporting requirements for very large UK Companies – defined in the Regulations as a ‘company with a high level of employees and turnover’. These regulations will not become law until they have been debated by both Houses in the Autumn but the draft regulations make clear the Government’s proposed approach to these new requirements. The draft regulations are in line with the direction set out in the Government’s response to its ‘Restoring trust in audit and corporate governance’ White Paper issued in June 2022.

• FRC and DBT seek applicants for Chair and members of the UK Sustainability Disclosure Technical Advisory Committee

• 08 Jun, 2023

• The Financial Reporting Council (FRC) and the Department for Business and Trade (DBT) are seeking applications for the Chair position and members of the UK Sustainability Disclosure Technical Advisory Committee (TAC).

• DBT, working with the FRC, conducts a review of the non-financial reporting requirements UK companies need to comply with to produce their annual report

• 25 May, 2023

• The Department for Business and Trade (DBT), working with the Financial Reporting Council (FRC), is conducting a review of the non-financial reporting requirements UK companies need to comply with to produce their annual report and to meet broader requirements that sit outside of the Companies Act 2006.

• UK government publishes 2023 Green Finance Strategy

• 03 Apr, 2023

• The UK government has published a new policy paper, Green Finance Strategy - Mobilising Green Investment (“the 2023 Strategy”), building on the previous Green Finance Strategy which was published in July 2019. The 2023 Strategy sets out the government’s updated plans for the UK to become the world’s first net zero-aligned financial centre, including five key objectives addressing UK financial services growth and competitiveness, investment in the green economy, financial stability, incorporation of nature and adaptation and alignment of financial flows with climate and nature objectives.

• BEIS launches consultation on proposed extensions to the Payment Practices and Performance Regulations reporting framework

• 21 Feb, 2023

• The Department for Business, Energy and Industrial Strategy (BEIS) has launched a consultation proposing extending the Payment Practices and Performance Regulations reporting framework that affects large UK companies and LLPs after the current statutory expiry date of 6 April 2024.

• FRC publishes a policy paper outlining its approach to competition in the audit market

• 07 Dec, 2022

• The Financial Reporting Council (FRC) has published a policy paper providing an overview of its approach to competition in the audit market.

• FRC issues a position paper on next steps to reform the UK's audit and corporate governance framework

• 14 Jul, 2022

• The Financial Reporting Council (FRC) has issued a position paper setting out the next steps to reform the UK’s audit and corporate governance framework.

• FRC to host webinars on audit and corporate governance reform

• 06 Jul, 2022

• The Financial Reporting Council (FRC) will be hosting two webinars on 14 and 20 July 2022 on audit and corporate governance reform.

• FRC publishes updated Guidance on the Strategic Report

• 22 Jun, 2022

• The Financial Reporting Council (FRC) has published an updated edition of its Guidance on the Strategic Report to incorporate the new climate-related financial disclosures, following changes in legislation made earlier this year, along with a number of other amendments which have been made to maintain alignment with legislation.

• BEIS publishes response to its 'Restoring trust in audit and corporate governance’ White Paper

• 08 Jun, 2022

• The Department for Business, Energy and Industrial Strategy (BEIS) has published the government's response to last year's White Paper ‘Restoring trust in audit and corporate governance’.

• Draft audit reform bill included alongside the Queen’s Speech

• 13 May, 2022

• A draft audit reform bill was included within the supporting papers issued alongside the Queen's speech on the 10th May.

• BEIS publishes government response on proposals to improve financial information that is filed at Companies House

• 03 Mar, 2022

• The Department for Business, Energy and Industrial Strategy (BEIS) has published its response to feedback on its proposals aimed at improving the quality of financial information which is filed at Companies House.

• The FTSE Women Leaders Review publishes report around achieving gender balance in FTSE 350 companies

• 24 Feb, 2022

• The FTSE Women Leaders Review is an independent, business-led framework supported by the Government, which sets recommendations for Britain’s largest companies to improve the representation of Women on Boards and in Leadership positions. It succeeds the five-year Davies and Hampton-Alexander Reviews into Women on Boards. The report provides an update on the progress made in 2021, sets out new targets and recommendations.

• UK government issues non-binding guidance on climate-related financial disclosures

• 23 Feb, 2022

• The Department for Business, Energy & Industrial Strategy (BEIS) has issued non-binding guidance on legislation requiring certain UK companies and LLPs to make climate-related financial disclosures.

• UK government finalises legislation on climate-related financial disclosures

• 20 Jan, 2022

• The Department for Business, Energy & Industrial Strategy (BEIS) has finalised two statutory instruments requiring certain UK companies and LLPs to make climate-related financial disclosures.

• FRC publishes a staff factsheet on climate-related matters for FRS 102 reporters

• 16 Nov, 2021

• The Financial Reporting Council (FRC) has published a staff factsheet to inform preparers of annual reports under FRS 102 of climate-related matters they may need to consider when preparing financial statements and associated narrative reporting.

• UK government publishes draft legislation on climate-related financial disclosures

• 05 Nov, 2021

• The Department for Business, Energy & Industrial Strategy (BEIS) has published draft regulations requiring UK public interest entities, Alternative Investment Market (AIM) companies and high turnover companies and Limited Liability Partnerships (LLPs) to make climate-related financial disclosures. The regulations, which amend the Companies Act 2006, will take effect for periods commencing on or after 6 April 2022.

• UK Government publishes roadmap setting out details on new sustainability disclosure requirements

• 20 Oct, 2021

• The UK Government has published a roadmap setting out details of new economy-wide sustainability disclosure requirements, and the legislative and regulatory changes that will be made to deliver them. These will, for the first time, bring together UK sustainability reporting requirements under one integrated framework. The roadmap emphasises the need for high-quality, reliable, and internationally comparable sustainability information. This is necessary to improve decision-making, build trust and address risks of greenwashing.

• FRC and Black Sun webinar on the BEIS 'Restoring trust in audit and corporate governance' consultation

• 08 Sep, 2021

• Black Sun is hosting a webinar on September 17th 2021 in partnership with the Financial Reporting Council (FRC).

• We comment on the BEIS consultation on climate-related financial disclosures

• 05 May, 2021

• We have published our comment letter on the consultation issued by the Department for Business, Energy & Industrial Strategy (BEIS) on requiring mandatory climate-related financial disclosures by publicly quoted companies, large private companies and Limited Liability Partnerships (LLPs).