The Financial Reporting Council (FRC) has issued amendments to the FRS 101 Reduced Disclosure Framework following the 2023/24 annual review cycle. The changes include a disclosure exemption from presenting certain comparative information, a conditional exemption for qualifying entities in respect of certain disclosures about supplier finance arrangements and amendments to the Appendix II note on legal requirements for consistency with International Accounting Standards 1 presentation of financial statements.

The Financial Reporting Council (FRC) has issued a final decision notice and imposed sanctions against BDO LLP (BDO) and David Roberts, partner at BDO, regarding the statutory audit of the financial statements on AmTrust Europe Limited (AEL) for the two financial years of 31 December 2014 and 31 December 2015. The FRC determined that there were several breaches, one which concerned a failure in documentation of the relevant audit work in 2014 and three breaches in 2015 regarding the use of independent actuaries as auditor’s experts, the testing of management’s accounting estimate and the data on which it was based, and the evaluation of the method of measurement used by management. The FRC imposed a financial sanction of £200,000 (discounted for admissions and early disposal to £160,000), a reprimand, and two requirements regarding the audit of insurance undertakings against BDO and a reprimand against Roberts. Both BDO and Roberts will pay executive counsel's costs of the investigation.

The Financial Reporting Council (FRC) has issued revised Technical Actuarial Guidance on Proportionality to support actuaries in applying principles-based Technical Actuarial Standards (TASs) proportionately. The updated guidance includes additional material with new examples focused on general insurance pricing, illustrating the use of streamlined documentation and communication to support efficient delivery of quality work within tight time constraints. The update follows feedback received during the FRC's TAS 200 consultation, where stakeholders indicated the value of further proportionality guidance in relation to general insurance pricing. The principles-based TASs are designed to enable actuaries to tailor their approach based on the nature, scale, and complexity of work while focusing on core rationale behind the standards and supporting quality outcomes.

The Executive Counsel of the Financial Reporting Council (FRC) has announced the issuing of a Final Decision Notice and the imposition of sanctions against Grant Thornton UK LLP (Grant Thornton) and Audit Engagement Partner, Simon Lowe.

The Financial Reporting Council (FRC) has launched an investigation on 15 April 2020 into Ernst and Young LLP’s audit of NMC Health plc’s financial statements for the year ended 31 December 2018. FRC’s Enforcement Division will undertake the investigation under the audit enforcement procedure.

The Financial Reporting Council (FRC) has opened a consultation on its Draft Annual Plan and Budget for 2026–27. The draft plan sets out the FRC's priorities and resources for the next year. The delivery for 2026–27 includes five major projects: (1) End-to-End Enforcement; (2) The Future Audit Supervision Strategy; (3) Enterprise Resource Planning; (4) The programme to support Small-Medium Enterprises; and (5) The FRC Innovation and Improvement Hub. The FRC aims to deliver these activities as efficiently as possible adhering to the principles of managing public money, assessing economic impact, and providing value for the public and the UK economy. The Consultation will be opened until 6 February 2026.

The Financial Reporting Council (FRC) has launched a consultation on a proposed UK version of the International Standard on Sustainability Assurance (ISSA) 5000, ‘General Requirements for Sustainability Assurance Engagements’. The draft standard is intended for voluntary use by assurance providers and aligns with the international standard to reduce the burden on firms conducting assurance engagements across multiple jurisdictions. It is also designed to support use by both professional accountants and other assurance practitioners who meet the relevant quality management and ethical requirements. The consultation closes on 31 July 2025.

The Financial Reporting Council (FRC) has launched a consultation on revisions to its guidance on the Going Concern Basis of Accounting and Related Reporting, including Solvency and Liquidity Risks. Once finalised, it will replace the existing guidance, issued in 2016. The draft guidance seeks to assist companies in preparing high-quality, company-specific disclosures about their going concern conclusions and how they were reached. The guidance will be non-mandatory and serve as a practical and proportionate guide to all UK companies within its scope. The consultation closes on 28 October 2024, with the FRC expecting to publish the final guidance in early 2025.

The Financial Reporting Council (FRC) has launched a consultation on proposed revisions to ISA (UK) 620 ‘Using the Work of an Auditor’s Expert’ and ISAE (UK) 3000 ‘Assurance Engagements Other than Audits or Reviews of Historical Financial Information’. The proposed changes would align the UK standards with recent narrow-scope amendments made by the International Audit and Assurance Standards Board (IAASB) to maintain consistency between UK and international auditing and assurance standards. The consultation closes on 10 July 2026.

The Financial Reporting Council (FRC) has launched a consultation on updates to the UK Stewardship Code, aimed at bolstering economic growth and investment, improving transparency for UK investors, savers, and pensioners, and streamlining reporting processes. The consultation closes on 19 February 2025. The FRC intends to publish the updated Code in late 2025, with implementation and the first reporting cycle scheduled for 2026.

The Financial Reporting Council (FRC), as part of a cross-regulatory group, has launched a comprehensive discussion paper on the future of digital reporting in the UK. This group also comprises Companies House, HM Revenue and Customs, and the Charity Commission for England and Wales. The paper seeks to gather feedback on crucial developments in digital reporting and aims to help shape the future of digital reporting in the UK, ensuring that it meets the needs of all users while promoting comparability, transparency, and efficiency in corporate reporting. It also addresses changes in the regulatory landscape and considers the impact of the recently passed Economic Crime and Corporate Transparency Act 2023. The discussion paper seeks feedback from several stakeholders, including preparers of financial reports, software vendors, investors, accountants, and regulators. Responses to the discussion paper can be submitted until 1 November 2024.

The Financial Reporting Council (FRC) has launched five consultations seeking stakeholder feedback on audit and reporting standards. The consultations cover: (1) a new Practice Note for auditing small and medium-sized enterprises (SMEs); (2) emerging findings from the FRC's SME audit market study; (3) draft amendments to the UK's Public Interest Entity (PIE) Auditor Registration Regulations; (4) limited scope amendments to FRS 102; and (5) the draft 2026 Taxonomy Suite.