Article summary
The Financial Reporting Council (FRC) has published a discussion paper 'proposing a future for corporate reporting based on a principles-based framework'. It sets out an outline for a more 'agile approach' to corporate reporting and considers 'common criticisms' such as the length of the annual reports and the difficulties with obtaining information. The FRC acknowledges that due to the coronavirus (COVID-19) crisis, 'stakeholders are more interested in companies’ wider actions and the reporting that supports these'. In its paper, the FRC suggests proposals to help build trust in the system for corporate reporting. In addition, the FRC welcomes comments from stakeholders on its discussion paper. The deadline for responses is 5 February 2021.
To continue reading this news article, as well as thousands of others like it, sign in with LexisNexis or register for a free trial