New guidance issued by the UK Financial Reporting Council (FRC) has been developed to help UK entities address reporting obligations in a way that is practical, proportionate, and supports high-quality reporting, following amendments to legislative and regulatory disclosure requirements.
The updated guidance reflects legislative changes to directors’ report disclosures, developments in sustainability-related and wider corporate reporting practice, and the recent revision of the UK Corporate Governance Code, a news release said.
“High-quality strategic reports focus on the needs of shareholders and other primary users of the annual report, enabling them to tell a cohesive story of the business and make full use of the flexibility that exists within the regulatory framework,” the release said.
The UK regulator’s guidance supports preparers in delivering disclosures that are proportionate to the entity’s size, complexity, and circumstances, the release added. The updated guidance also aims to improve accessibility, usability, and functionality for preparers.
In addition, the FRC published updated scoping tables to support entities complying with Companies Act 2006 disclosure requirements.
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