• Register
Return to: Home > News > Regulation > UK FRC launches consultation on non-financial reporting guidance

UK FRC launches consultation on non-financial reporting guidance

The UK Financial reporting Council (FRC) has launched a consultation on amendments to its guidance on the strategic report which encourage businesses to consider a number of issues including non-financial reporting.

The guidance on the strategic report was first published in 2014, but the UK FRC is looking to amend it in light of new regulations for non-financial reporting that came into effect for reporting period beginning 1 January 2017.

“The proposals reflect the enhanced disclosures that certain large companies are required to make in respect of the environment, employees, social matters, respect for human rights and anti-corruption and anti-bribery matters,” a statement by the UK FRC read. “The guidance also encourages all companies to disclose information on how boards have considered broader stakeholders when taking decisions to promote the long term success of the company.”

The deadline for comments and feedback is 24 October 2017.

Quick on the draw, the IIRC already issued a statement in support of the UK FRC proposed changes.

IIRC CEO Richard Howitt said: “The major shift with today’s guidance is that, not only are the principles consistent, but now the language of long-term value creation is becoming embedded in UK corporate reporting practice. We know that investors increasingly assess the quality of corporate reporting as a proxy for the quality of management, and the evidence shows that businesses practicing Integrated Reporting benefit from lower borrowing costs as well as higher performance.”

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.