• Register
Return to: Home > News > UK FRC calls for 'clear & concise' reporting

UK FRC calls for 'clear & concise' reporting

By Steffen Müller

FTSE 350 companies reports are getting thicker despite some companies taking steps towards more concise reporting a UK Financial Reporting Council's (FRC) Financial Reporting Lab (Lab) revealed.

The report, Towards Clear & Concise Reporting, reviewed the annual reports of 41companies of the FTSE 350 and found that the average page count of these reports had increased by 10%. In the FTSE 100 the average page count increased by 9% and by 15% for the FTSE 250.

"The increase was a result of companies implementing the new remuneration reporting requirements introduced by the government last year," the report read.

However the FRC Lab report also found that some of the FTSE 350 companies have already taken steps towards more concise reporting, including the removal of irrelevant or too detailed information in the financial reviews and statements and the improvement of the reports' layout and user targeting.

The FRC Lab report was issued as part of the UK watchdog recently launched Clear & Concise initiative which aims to provide companies with an opportunity to rethink aspects of the annual report and innovate.

The recent publication calls on companies to remove immaterial disclosures and to reconsider the communication channels used to match the needs of the corporate report users.

FRC Lab director Sue Harding said: "The FRC's Clear & Concise reporting work seeks to promote reporting from which investors can, with justifiable confidence, draw conclusions about a company's performance, position and prospects."

Now is an ideal time for companies to think about how to take steps to make their next annual reports clearer and more concise, she continued. "This Lab insight report provides examples of how companies are actively working to improve their annual reports and accounts and identifies some questions companies may wish to address."

Related links:

UK FRC

Lab report: Towards Clear & Concise Reporting

Top Content

    Keeping accounting standards fit for purpose

    While at the IFRS Conference: Americas in Toronto in November, the national standards setters of the USA and Canada, along with the International Accounting Standards Board, talked to The Accountant about the evolution of corporate reporting and the influence of digitalisation. Vincent Huck was on the line

    read more

    Tax avoidance looks like a side show: compared to total anonymity

    Paul Beckett, senior counsel at MannBenham Advocates, talks to Carlos Martin Tornero about tax avoidance and human rights, and how orphan structures, marketed by accountants, make the super-rich anonymous and unaccountable for their actions

    read more

    France’s next revolution: boosting the economy, with advisory backing

    As French minister for the economy and finance, Bruno Le Maire took the stage at the final plenary session of the 72nd congress of the French Institute of Chartered Accountants (Ordre des Experts-Comptables) in Lille, he faced a somewhat hostile audience who had booed government initiatives during previous speeches. But the well-prepared minister told the French profession what it wanted to hear and left with a standing ovation. Whether the government will deliver what he promises remains to be seen. Vincent Huck reports

    read more

    Comment: Nine seconds to make or break

    Time is relative. When Usain Bolt runs 100 metres in a little over nine seconds, time flies and feels like a fleeting instant of dream. But, when six professionals sitting on a panel meet a question with deafening silence for nine seconds, then time painfully drags on in embarrassment.

    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.