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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.”

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