Corporate Reporting Review’s Annual Report

The Corporate Reporting Review, part of the work of the FRC’s (Financial Reporting Council) Conduct Committee, ensures that companies are complying with relevant reporting requirements as a public or large private company.

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Each year the FRC collate their findings into their Annual Report. We took a look at this year’s report and the planned areas of focus for the next reporting cycle.

The report looks to review all companies but they review the FTSE 350 more regularly. One of the major considerations for the FRC is to create an improved level of reporting in smaller listed and AIM companies, a project to review this over the next three years has been created.

Overall the reporting level in the FTSE 350 was to a good standard and the report highlighted some key considerations and areas of focus for the coming year, which include among others:

  • Looking closely at pension structures designed to achieve an accounting effect.
  • Keep under review the way in which companies report exceptional items.
  • Encourage companies to report the likely effect of changes of the IFRS (International Financial Reporting Standards) 15 - revenue from contracts with customers, to be introduced in 2017.

The review was conducted on 271 listed companies and the report identified that nearly all of the companies agreed to make changes in their next report.