• Register
Return to: Home > News > Assurance and Accounting > FRC provides advice on preparing 2017/2018 annual reports

FRC provides advice on preparing 2017/2018 annual reports

The Financial Reporting Council (FRC) has written to companies highlighting key areas for improvement when preparing annual reports for 2017/2018 considering the changes made to reporting requirements.

The letter draws attention to areas of investor focus as companies should be making detailed and quantitative disclosures explaining the impact of the implementation of new accounting standards IFRS 9, IFRS 15 and IFRS 16.

The letter also tackles the requirements coming out of the EU Directive on non-financial reporting, effective for financial years beginning from 1 January 2017. The FRC is consulting on amendments to the Guidance on the Strategic Report to reflect the new requirements.

Additionally, the letter focuses on improvements to viability statements, which is a priority for investors, as well as; reporting on the capacity to pay dividends, critical judgements and estimates, and defined benefit pensions.

The letter is available here.

Top Content

    Blockchain and the Big Four: does it deserve all the hype?

    Although still in its infancy, blockchain is one of the most talked-about technologies of 2018. Will the blockchain bubble burst, or will it live up to its reputation as the ‘new internet’? Eleanor Jerome investigates

    read more

    Malaysia: Ready to show its strength

    Recent changes have enhanced the quality of audit reports in Malaysia, giving the profession a welcome opportunity to demonstrate its value to clients. Paul Golden reports

    read more

    China: Regulating the Chinese dragon

    Harsh regulatory actions and looming US trade wars have been dampening expectations in a Chinese market still full of potential, finds Jonathan Minter

    read more

    Indigenous Australians: New checks and balances

    With fewer than 40 known qualified Indigenous Australian accountants, Jonathan Minter speaks to Shelley Cable from PwC Australia about how increasing this number is an important part of improving the financial literacy of Indigenous communities

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.