Corporate fundamentals

This subtopic contains a series of fundamentals notes. They are each presented in a simple question and answer format that follows a logical sequence and covers the key legal and practical issues on a particular corporate topic, as well as common queries. Each of the fundamentals notes contains links to Practice Notes and standalone

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Latest Corporate News

Tax update spring 2025—Tax analysis

Tax analysis: On 28 April 2025, the government announced a package of technical tax policy proposals aimed at simplifying and reforming the tax system and improving tax administration. These announcements included the publication of draft legislation, new consultations, various technical papers and responses to consultations, as well as updates on previously announced measures together with new initiatives.

FRC publishes annual review on UK listed companies' digital reporting compliance

The Financial Reporting Council (FRC) has published its 2024/25 review of structured digital reporting, examining how UK listed companies present digital annual reports in iXBRL format. The review, which analysed reports from FCA-listed companies using CODEx project tools, identified persistent challenges in complex tagging aspects despite improvements in basic compliance. The FRC has announced enhanced monitoring procedures, including sample reviews and direct communication with companies showing significant tagging issues.

IFRS Foundation announces ISSB's proposed amendments to IFRS S2 on greenhouse gas emissions disclosures

The International Financial Reporting Standards (IFRS) Foundation has announced that the International Sustainability Standards Board (ISSB) has published its Exposure Draft, proposing targeted amendments to IFRS S2 Climate-related Disclosures. The amendments aim to provide relief from specific greenhouse gas emissions disclosure requirements, including exemptions for certain scope 3 category 15 emissions and flexibility in classification standards. The proposals include clarifications on jurisdictional measurement methods and global warming potential values. The consultation period runs until 27 June 2025, with final amendments expected by the end of2025. The changes are designed to ease application while maintaining information quality for investors.

FCA publishes Primary Market Bulletin 55

The Financial Conduct Authority (FCA) has published guidance consultation GC25/1 with proposed amendments to the FCA’s Knowledge Base (eg the repository of non-handbook commentary that has the status of formal FCA guidance). The proposals concern technical and procedural notes in relation to the Listing Regime following implementation of the new UK Listing Rules (UKLR) which came into force in July 2024, in addition to proposed updates and clarifications to Technical Note 507.1 ‘Structured digital reporting for annual financial statements prepared in accordance with International Financial Reporting Standards’. Amendments are summarised in Primary Market Bulletin (PMB) No. 55. Comments are requested by 15 May 2025. The FCA has also published FG25/1 setting out changes to the Knowledge Base following its consultation in PMB 53.