The dog ate my work!
FRC to provide definitions of a good excuse for companies that fail to comply with corporate governance
FRC to provide definitions of a good excuse for companies that fail to comply with corporate governance
THE FINANCIAL REPORTING COUNCIL (FRC) said a minority of companies are failing to give proper explanations, in their annual reports, as to why they haven’t complied with the UK’s voluntary corporate governance.
The FRC examined about 60 UK annual reports as part of research into the “comply or explain” principle. It found companies’ explanations for not following the code were, as “sometimes rather perfunctory”.
So what does the UK’s accounting and corporate governance watchdog plan to do about the corporate governance laggards? Fine them? Or perhaps, if corporate governance is so important, the UK code should be made mandatory?
The FRC prefers a gentler approach – merely suggesting that it plans to define what counts as a decent excuse for ignoring corporate governance rules. That’ll have board directors quaking in their handmade loafers …
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThe accountancy industry has been hit by several exam cheating cases over the last few years Read More...
View articleSir Donald Brydon’s report into the quality and effectiveness of audit was published at the end of 2019, and in it, Brydon tackles the issues of the a...
View articleThe FRC has issued revised ethical and auditing standards in an effort to strengthen auditor independence and ban conflicts of interest. Read More...
View article75% of FTSE 350 audits assessed as good or requiring limited improvements, failing to meet the FRC's 90% target Read More...
View articleComments and push-back from accountants led to the change in FRS102 which gives an exemption on director’s loans, according to Steve Collings. Read Mo...
View articleRichard Murphy, chartered accountant and founder and director of Tax Research UK, says the Kingman report into the FRC failed to address much-needed r...
View articleThe recent £4m fine issued to Grant Thornton is a wake-up call to aspiring independent non-executive board members, who must be demonstrably independe...
View articleBetween the years 2012-2016, membership of UK & Ireland accounting bodies grew by 3.2% worldwide and 2.4% in the UK & Ireland, according to th...
View article