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Corporate reporting reviews: a new approach for the FRC

The UK’s Financial Reporting Council (FRC) has, for the first time, published summaries of its corporate reporting reviews. The regulator conducts over 200 corporate reporting reviews to assess whether company reports and accounts comply with relevant reporting requirements. The increased transparency is aligned with the recommendation in the Kingman review that reviews should be made

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FRC publishes future of corporate reporting discussion paper

The Financial Reporting Council (FRC) has released a bold discussion paper proposing a future for corporate reporting based on a principles-based framework. It outlines a blueprint for a more agile approach to corporate reporting which challenges existing thinking about how companies can more effectively meet the information needs of investors and other stakeholders. The proposals are designed

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FRC Updates Corporate Governance and Reporting Guidance to include Interim Reports

On 12 May 2020, the Financial Reporting Council (FRC) published an updated version of its guidance for companies on corporate governance and reporting during the COVID-19 pandemic to include a new section on interim reports. The FRC’s guidance in the new section includes the following: Directors will need to exercise judgment about the nature and extent of

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Guidance on audit issues arising from the Covid-19 (Coronavirus) pandemic

COVID-19 is causing a shock to the global economy that could prove sharp and large but should be temporary.  Uncertainty about the immediate outlook for many companies has increased sharply.  This has consequences for companies proposing to report results in the coming months, and for their auditors.  The Financial Reporting Council (FRC) has previously published guidance

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Integrated reporting ideal tool for responding to new UK Corporate Governance Code

The UK’s revised Corporate Governance Code issued today provides the ideal opportunity for British companies to adopt integrated reporting, with the new Code strengthening the alignment with the International Integrated Reporting Council (IIRC). A principle of the new Code issued by the Financial Reporting Council (FRC) is that the board should have the necessary ‘resources’