UK’s FRC and FCA update reporting guidance for companies and auditors

Regulators provided guidance and a reminder that deadline extensions relating to financial reporting continue to be in place.

Please note: This item is from our archives and was published in 2021. It is provided for historical reference. The content may be out of date and links may no longer function.

UK regulators the Financial Reporting Council (FRC) and the Financial Conduct Authority (FCA) issued updated guidance for companies and auditors Wednesday to ensure the flow of high-quality financial information.

The FRC and the FCA reminded companies that extended information timelines continue to apply, including allowing listed companies an additional two months to publish their audited annual financial reports. The FCA issued a summary of temporary reliefs for companies reporting financial information.  

A joint statement by the FRC, FCA, and the Prudential Regulation Authority (PRA) issued in 2020 has also been updated.

Mark Babington, the FRC’s executive director of regulatory standards, said in a press release: “While companies and auditors face increased challenges in preparing their accounts, the joint measures allow for additional time to ensure high-quality reporting.”

He added that companies, auditors, and investors should familiarise themselves with the latest guidance “to ensure they are managing reporting frameworks and stakeholder expectations appropriately”.

Oliver Rowe (Oliver.Rowe@aicpa-cima.com) is an FM magazine senior editor.

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