IMPROVED NARRATIVE REPORTING has led to better disclosure of principle risks and uncertainties, the Financial Reporting Review Panel has announced.
Its annual report published today sets out findings on 301 sets of accounts, through which 141 companies were approached for further information or explanation.
Chairman Bill Knight (pictured) said: “We are very pleased that descriptions of risks and uncertainties are improving. We are also looking to the balance and fairness of the business review – we applaud honest straightforward reporting which reflects the good and the less good aspects of the company’s performance.”
A sub-board of the Financial Reporting Council, the FRRP described the general quality of corporate reporting as “good”, but warned concerns remain about quality among smaller listed and AIM-quoted companies.
It found boards are now more likely to describe the actions they are taking to mitigate risks and uncertainties, though in some companies there is still “room for improvement”.
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