• 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

    Choosing the right location can have cast-iron benefits

    As Game of Thrones, one of the biggest television shows of all time, comes to an end, Joe Pickard looks at how tax incentives offered to television and film production companies help the wider economy.

    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.