The update sets out proposed changes to the IFRS Accounting Taxonomy to support digital financial reporting of information prepared in accordance with IFRS standards.
The FRC updated Technical Actuarial Standard 310 to reflect recent government legislation to enable the operation of multiple-employer collective defined contribution pension schemes.
IFRS 20, a new accounting standard for companies subject to a specific type of rate regulation, aims to improve financial reporting and transparency for investors.
The changes focus on improving clarity and better articulating certain aspects of the standard. In its review of structured digital reporting, the FRC outlined improvements to financial reporting.
It has become axiomatic that companies should learn lessons from failure, and for individuals failure can also build resilience, growth, and even humility.
The new accounting standard will replace IAS 1 from January 2027 and is aimed at more consistent reporting that's better aligned with how businesses are run.
The FRC’s guidance incorporates changes to legislative and regulatory requirements, including the recent revision of the UK Corporate Governance Code.
