• Register
Return to: Home > News > Service Lines > 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

    Accountancy Europe: the winner takes it all

    Jonathan Minter spoke to Olivier Boutellis-Taft, chief executive officer at Accountancy Europe, about how technology could change the industry, and how training needs to keep up to enable the profession to develop

    read more

    Embracing global technology trends

    Accountancy Europe’s Digital Day 2018 found the European accounting profession looking to tackle the challenges presented by new technologies head on. Jonathan Minter reports from the day

    read more

    IMA Conference: automation of the audit

    At the annual conference of the Institute of Management Accountants (IMA) in Indianapolis, Deloitte partner Alex Smith gave a presentation on digital transformation in the profession. Joe Pickard spoke to Smith following the presentation to find out more about his views on the future of audit

    read more

    IMA Conference: technology and the human effect

    The annual conference of the Institute of Management Accountants (IMA) took place in Indianapolis this year. Members of the profession gathered to hear the latest from the institute and other market players, covering some of the challenges and opportunities the profession faces.

    read more

    The Caribbean: a digital paradise

    The ICAC hosted its 36th annual conference in June this year – very much looking to the future following a tough 2017 for the Caribbean. Jonathan Minter spoke with chief executive officer Misha Lobban Clarke

    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.