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This week’s edition of Corporate highlights includes three thematic reports published by the FRC to help companies improve their corporate reporting in known areas of difficulty, the latest FCA Handbook Notice and MiFID 2 guide and Sir Philip Hampton’s challenge for FTSE 350 companies to increase board diversity.
The Financial Reporting Council (FRC) has published three thematic reports to help companies improve the quality of their corporate reporting in acknowledged areas of difficulty: judgments and estimates, pension disclosures and alternative performance measures (APMs). The reports set out findings from the FRC’s 2016/17 thematic reviews to which companies can refer when preparing their next report and accounts.
The FRC informed sixty companies before their year-end that one of the three themes would be reviewed in their next reports and accounts. The thematic reviews contain the most significant improvements, including extracts from the better disclosures which most closely matched the FRC’s expectations. The FRC expects other companies to use the better examples observed to assess the quality of their own reporting and raise the bar on their disclosures.
Paul George, FRC’s executive director for corporate governance and reporting, said: ‘The great majority of companies approached clearly reviewed and revised the relevant disclosures prior to releasing their next set of report and accounts, which provided better quality information to the market in a timely manner. Many sharpened, and some shortened, the relevant information with a view to providing more granular detail about the issues that really matter to those reading their reports and accounts and wanting a better understanding of the key issues and of how management is dealing with them. We expect others to similarly review their own reports and accounts and look to the characteristics of the better disclosures we identified to inform the continuing development of their reporting’.
For further information, see LNB News 09/11/2017 134.
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