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Items tagged with "FRC"

FRC Outlines Leasing Standard Best Practice

A new report from the UK’s Financial Reporting Council recommends that companies applying the new standard on lease accounting provide more information on its effects. IFRS 16 Leases, which became mandatory on 1 January 2019, requires companies to bring most leases on balance sheet in order to give a more faithful representation of assets and […]

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Climate Reporting Falls Short of Investor Expectations

A new UK Financial Reporting Council (FRC) report indicates that companies are falling short of investor expectations for quality, granular climate-related reporting. As we heard from SASB at Data Amplified, demand for climate-related reporting is growing. However, for reporting to be useful for investors, it needs to be clear and comparable. The FRC report provides practical guidance to […]

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FRC Investigate Cash Flow Disclosures

The UK’s Financial Reporting Council (FRC) have published a report examining how effective disclosures of cash flow in annual reports are for investor needs. Investors need information on the generation, availability and use of cash as part of their assessment and analysis – but do current cash flow statements provide enough information? The FRC’s report […]

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FRC Consult on SECR Taxonomy

The UK’s Financial Reporting Council (FRC) has opened consultation on the draft Streamlined Energy & Carbon Reporting (SECR) Taxonomy, with comments welcome until September 30. On April 1 2019 the UK government introduced the new SECR policy, building on the previous Mandatory Greenhouse Gas Reporting policy to extend mandatory energy reporting to more companies. The […]

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Can AI Streamline Corporate Reporting?

The Financial Reporting Council (FRC) have published a deep-dive report investigating the role AI will play across corporate reporting. The report covers AI basics, how AI can be used for corporate reporting and suggested actions to ensure quality reporting can be powered by AI. Annual reports and other regulatory documents have high levels of standardisation […]

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UK Audit Review

Dramatic changes to the UK audit sector were proposed in a report this week setting out recommendations from an independent review of the Financial Reporting Council (FRC). The audit profession and its regulator have been under intense scrutiny following a number of high profile corporate failures. The recommendations address gaps in FRC powers, setting a course for […]

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XBRL FRC 2019 Taxonomies suite

The UK’s Financial Reporting Council (FRC) has amended its XBRL accounting taxonomies to reflect changes introduced in the UK GAAP triennial review and three new IFRS documents. UK IFRS reporters to HMRC and Companies House will need to use this collection to file their annual accounts. UK GAAP reporters applying the Triennial Review Amendments can […]

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FRC on Investor Needs from Performance Metrics

Investors have clear ideas about the way company metrics can help with asset allocation. Wouldn’t this work better if these disclosures were digital?

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Recipe for Success

Nice write up this week from the FRC’s Thomas Toomse-Smith, in the Governance Institute’s online magazine, with a set of prescriptions for all those starting to get ready for the ESMA mandate for Inline XBRL filing. The FRC prescribes a strict regime of public-private collaboration. In short: regulators and standards setters need to work together […]

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Artificial Intelligence – FRC’s Call for Participation

The UK’s Financial Reporting Council Lab has sent out a call for those working on the potential uses of Artificial Intelligence for the production and consumption of corporate reporting to participate in the next phase of the Digital Future project. The Lab’s innovative Digital Future project is an initiative to investigate the impact of technology […]

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