Updated UK taxonomies from FRC and BoE
August saw the UK’s Financial Reporting Council (FRC) publish a draft version of its 2024 Taxonomy Suite, incorporating a number of updates.
Items tagged with "FRC"
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FRC explores the new ESG data landscape
The landscape for Environmental, Social, and Governance (ESG) data is rapidly evolving, and understanding how it is currently used, and how that is likely to change in the near future, is crucial.
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FRC reports continued improvement in audit quality but further action needed
The UK’s Financial Reporting Council (FRC) has released its annual inspection and supervision results for the largest audit firms, including BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars, and PwC. The report reveals that 77% of audits inspected were deemed good or required only limited improvement, representing a consistent year-on-year improvement over the past four years.
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FRC highlights importance of comprehensive dividend disclosure
Dividends play a crucial role in the investment landscape, and the Financial Reporting Council (FRC) has emphasised the significance of comprehensive disclosure in this area. In a recent report, the FRC underscores the need for companies to go beyond mere disclosure of dividend amounts and provide deeper insights into their dividend policies and practices.
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Audit committee chairs clued-in to ESG reporting
The UK’s Financial Reporting Council (FRC) has released a research report exploring the perspectives and approaches of Audit Committee Chairs (ACCs) towards Environmental, Social, and Corporate Governance (ESG) activities and reporting.
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FRC publishes minimum standard for audit committees
The Financial Reporting Council (FRC) has released the Audit Committees and the External Audit: Minimum Standard, designed to enhance audit quality and reinforce public trust in the financial reporting process. The standard provides clear expectations and guidelines for audit committees within the FTSE350, supporting the delivery of high-quality audits.
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FRC prioritises digital reporting as most impactful technology
The UK’s Financial Reporting Council (FRC) has identified digital reporting and tagging, including of ESG (Environmental, Social, and Governance) information, as a high priority area for its technology and digital strategy.
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The Lab looks at AI
The UK Financial Reporting Council’s Lab – designed as a workshop space for investors and companies to work together on solutions for reporting needs – has published its latest insight into emerging artificial intelligence in reporting.
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FRC fixes 2023 taxonomy with re-release
The UK Financial Reporting Council (FRC) has re-released an updated version of the 2023 taxonomy suite following an issue.
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FRC update ESG intentions
The UK’s Financial Reporting Council (FRC), which published its first Statement of Intent on Environmental, Social and Governance (ESG) in 2021, has updated its earlier statement setting out the areas that remain challenging in ESG reporting.
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