• Register
Return to: Home > News > Regulation > 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

    Nigeria: building compliance and engagement

    Opportunities created by regulatory and legislative changes in Nigeria are tempered by the fragile state of the economy, although practitioners are generally confident that conditions will improve over the next few years if appropriate steps are taken. Paul Golden reports.

    read more

    Ghana: a quest for consistency

    Ghana’s current economic profile would suggest a fertile landscape for purveyors of accounting services. But inconsistent approaches to compliance and application of standards – coupled with problems in the banking sector and consequent liquidity constraints – have created a challenging environment. Paul Golden writes.

    read more

    Drone technology: audit takes to the skies

    The movement towards a digitised era has already impacted the auditing profession in a number of ways, from blockchain to artificial intelligence. Now firms are taking to sky and using drone technology in their audits. Mishelle Thurai speaks to Big Four firms to find out more.

    read more

    SBC: a new alliance joins the market

    Jonathan Minter speaks to Paul Tutin, chair of founding firm Streets Chartered Accountants, about why the business and its European partners took the decision to launch their own association.

    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.