Items tagged with "FRC"

UK government proposes major reporting, audit and governance overhaul

The UK’s Department for Business, Energy & Industrial Strategy (BEIS) has published its long-awaited white paper on wide-ranging reforms to the country’s corporate reporting, audit and governance regime, and launched a consultation on the proposals.

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A model for Financial Reporting?

A recent paper by Mike Power, professor of accounting at London School of Economics (LSE), argues that the UK needs to address fundamental weaknesses within its financial reporting system.

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FRC proposes Vision for the Future of Reporting

Many of today’s corporate reporting habits are hangovers from a bygone era before digital technologies crept into every corner of our lives. As such, we have an opportunity to reimagine reporting from the ground up, taking the transformative impact of technological advances into account.

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FCA outlines Audit Split Plans

This week the UK’s Financial Reporting Council (FRC) announced their plan for the first structural overhaul of the big four accounting firms since the failure of Carillion in 2018 prompted calls for audit regulation reform.

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FRC Release Climate Reporting Podcast

The UK’s Financial Reporting Council (FRC) has published a podcast discussing their recent report, which offered some practical guidance for best practice on climate-related disclosure. The FRC found that while investors support increased disclosure on climate-related risk, companies are frequently falling behind expectations. The report drew on the TCFD framework to structure practical guidance on […]

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FRC Report highlights Investor Demand for Workforce Disclosure

Investors are increasingly demanding more extensive and clearer reporting on environmental, social and governance (ESG) factors, and while the E of ESG commands the majority of attention, governance should not be overlooked. The UK’s recent Financial Reporting Council report on workforce related corporate reporting identifies areas where companies need to improve in order to reflect […]

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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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