View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
June 28, 2019

FRC identifies reporting issues at 29 out of 53 companies

More than half of the companies whose reports and accounts have been reviewed by the Financial Reporting Council’s corporate reporting review (CRR) function have been flagged as having substantive issues. According to the FRC, 29 out of the 53 companies were questioned on matters of recognition, measurement and/or disclosure.

Among those companies affected are: Aggreko, Balfour Beatty, Bodycote, HSS Hire Group, Interserve, MetroBank, Moss Bros Group, Provident Financial Group and Prudential.

The CRR’s routine reviews generally cover all parts of companies’ reports and accounts over which the FRC’s conduct committee has statutory powers (that is, strategic reports, directors’ reports and accounts). Limited scope reviews arise for a number of reasons, including those conducted when company reports and accounts are selected for thematic review, and may include reviews that have been prompted by a complaint.

The FRC has a policy of not identifying those companies where the review has been prompted by a complaint but may ask a company to refer to its exchanges with CRR when the company makes a change to a significant aspect of its reporting in its next annual report and accounts in response to a review.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A roundup of the latest news and analysis, sent every Wednesday.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy


Thank you for subscribing to International Accounting Bulletin