• Register
Return to: Home > News > UK regulator puts strategic report guidance on hold until 2018 government legislation

UK regulator puts strategic report guidance on hold until 2018 government legislation

  • Author: Stephanie Wix,Federica Tedeschi
  • Published: 5 Dec 2017
  • Email
  • Print

The UK Financial Reporting Council (FRC) has decided to put its Guidance on the Strategic Report amendments on hold until the UK government intends to publish legislative changes in March 2018, raising the expectation for further changes to be made.

The government announced that it would be introducing changes regarding the reporting on section 172 of the Companies Act 2006, which the FRC aims to improve the effectiveness of. The FRC stated that it is likely these changes will result in an amendment to the existing strategic report requirements and further amendments to the guidance.

The FRC’s original consultation, released in August and open until 24 October, was to make amendments in light of non-financial reporting regulations that came into effect for the reporting period beginning 1 January 2017. This incorporated requirements of the Non-Financial Reporting Regulations into an updated version of the guidance in order to fully understand a company’s development, performance and position, as well as the impact of its activity. Following the feedback from preparers, who sought clarification on the changes and assistance in implementing them, the FRC has also prepared a set of frequently asked questions.

The document has implemented the EU Directive regarding disclosure of non-financial and diversity information, and it stated the non-financial information statement must contain a brief description of the company’s business model, environmental data, employees, social matters, human rights as well as anti-corruption and anti-bribery issues.

The FRC intends to finalise the guidance after March 2018.

Top Content

    France: professionalising advisory in times of transformation

    Six months into Macron’s presidency and as reforms starts to filter through, what are the main considerations for the accountancy profession? Vincent Huck reports from the French Institute for Accountants’ (Ordre des Experts-Comptables – OEC) annual congress

    read more

    France’s next revolution: boosting the economy, with advisory backing

    As French minister for the economy and finance, Bruno Le Maire took the stage at the final plenary session of the 72nd congress of the French Institute of Chartered Accountants (Ordre des Experts-Comptables) in Lille, he faced a somewhat hostile audience who had booed government initiatives during previous speeches. But the well-prepared minister told the French profession what it wanted to hear and left with a standing ovation. Whether the government will deliver what he promises remains to be seen. Vincent Huck reports

    read more

    Editor's letter: Nine seconds to make or break

    Time is relative. When Usain Bolt runs 100 metres in a little over nine seconds, time flies and feels like a fleeting instant of dream. But, when six professionals sitting on a panel meet a question with deafening silence for nine seconds, then time painfully drags on in embarrassment.

    read more

    Digital disruption: Do you know your blockchain and AI?

    Digital disruption and its implications for accountancy firms was the topic of a panel discussion chaired by editor Vincent Huck at the BKR International annual conference held in London in October. Here are some of the highlights

    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.