UK regulator finds common themes and areas for improvement in governance reporting
The assessment supports the FRC’s growing body of evidence on those areas where improvements could be made.
The assessment supports the FRC’s growing body of evidence on those areas where improvements could be made.
An exposure draft proposes additional guidance on how two previously published Recommended Practice Guidelines can be applied by governments and public sector entities to report on sustainability programme information.
The International Sustainability Standards Board also said it provided guidance on which climate scenarios an entity should use.
The regulator says that in times of economic uncertainty, companies should continually assess evolving risks and ensure those risks are clearly explained.
The amendments, designed to improve company information about long-term debt with covenants, are effective for annual reporting periods beginning in 2024 or later.
Proposed changes to the standard are designed to provide a reference framework for auditors when making judgements about audit evidence throughout the audit.
The changes are proposed in response to stakeholder feedback.
The Financial Reporting Council’s thematic review looks at the annual reports of 20 companies to draw out the features of better reporting and disclosures, whilst also highlighting areas for improvement.
The FRC’s revisions deal with special considerations that apply to an audit of group financial statements and when component auditors are involved.
The IASB issued amendments to IFRS 16 to support the consistent application of the accounting standard.