• Register
Return to: Home > News > Standards > 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

    Time pressure: Facing up to mental health

    In an ‘always on’ culture, it is becoming increasingly difficult to manage a healthy work-life balance. While companies are beginning to address this problem by introducing different support systems, Joe Pickard finds more could be done to ensure the wellbeing of the professions workforce.

    read more

    Venezuela: the race for the dollar

    With a new currency following hyperinflation, large sections of the population emigrating to neighbouring countries, an economy on the brink of collapse and no apparent solution coming from the government, Jonathan Minter finds a profession struggling to stay afloat in Venezuela.

    read more

    Brazil: transparency and control

    Brazilian accountants have an optimistic view of the impact of more-regular reporting and the implications of audit controversies for the profession. Paul Golden reports.

    read more

    Argentina: looking for a clearer view

    The Argentine accounting profession continues to grapple with the impacts of a weak economy and a culture of financial corruption. Paul Golden takes a closer look.

    read more

    Blockchain: adapting to disruptive tech

    In the relatively few years since digital currencies first began using blockchain technology, the array of potential applications has grown significantly – and continues to expand. Dan Balla, Matthew Schell and Dave Uhryniak from Crowe look at how it impacts accountancy.

    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.