• Register
Return to: Home > News > FRC plans to boost best practice in corporate reporting

FRC plans to boost best practice in corporate reporting

The Financial Reporting Council (FRC) has planned to supplement its routine monitoring programme through targeted reviews of corporate reports and audits over the next two years.

Forty selected smaller listed and AIM quoted companies will be informed by FRC before the end of the year about its plan to review two specific aspects of their next published reports and accounts, to be drawn from five areas that have recently featured in FRC thematic reviews or Financial Reporting Lab reports.

Priority sectors and areas of focus for review in 2018/19 will be financial services, with particular emphasis on banks, other lenders and insurers, oil & gas and general retailers as well as business support services.

The completion of the review of The Auditors Work on the Front Half of the Annual Report is also part of the thematic inspection programme and will enable further assessment of the impact of recent relevant changes to auditing standards.

The work of the group auditor will continue to be a mandatory area of review after 2018/19, with a focus on the additional requirements with respect to the work of component auditors.

Top Content

    Addressing tax challenges and the digitisation of the economy

    As the economy becomes even more globalised through digital sources, the tax systems currently in place need to be scrutinised to examine whether they are still fit for current and emerging business models. Joe Pickard reports on the OECD’s approach to this issue.

    read more

    Primary financial statements: a game changer in reporting?

    International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

    read more

    FASB readies standards for the netflix generation

    The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

    read more

    Brexit: why it takes two to tango

    Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.

    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.