FRC: Changes to make reports more investor friendly welcomed
A consultation to make financial reports more investor friendly has been welcomed
A consultation to make financial reports more investor friendly has been welcomed
CHANGES TO FINANCIAL REPORTS to make them more investor friendly has received broad support, the Financial Reporting Council said.
The FRC this week issued feedback on its discussion paper “Thinking about disclosures in a broader context”, which highlighted that changes were welcomed.
The FRC discussion paper is a “roadmap” for disclosure framework designed to encourage more relevant financial reporting, improving disclosures so that its responsibility is shared among prepares, regulators, auditors and users.
The main users are investors and disclosures should be framed with that in mind, the paper suggests, having regard to communication, relevance and materiality.
A framework would provide a benchmark for measuring suggested disclosures the FRC said.
Melanie McLaren, executive director Codes & Standards said: “We were pleased to see so many positive responses to our discussion paper – Thinking about disclosures in a broader context.
“It is clear that there is a will to tackle the level of “clutter” in financial reports and that establishing clear principles against which to measure proposed disclosures is seen as being helpful.”
More about:
The numbers you crunch tell a story. Your expertis...
11yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn 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 resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe 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