The Financial Reporting Council (FRC) has launched four consultations seeking stakeholder input on updates to its Audit Enforcement Procedure (closing 9 January 2026), revisions to audit and audit reporting standards (closing 16 January 2026) and a proposal to keep FRS 101 unchanged following the standard's annual review (closing 16 January 2026). The consultations form part of the FRC's scheduled October 2025 release programme.

The Financial Reporting Council (FRC) has announced it is launching an investigation into Saffery Champness over the company’s audit of Greensill Capital (UK) Ltd’s financial statements for the year ending 31 December 2019. FRC’s Enforcement Division will conduct the investigation under the Audit Enforcement Procedure.

The Financial Reporting Council (FRC) has announced that following its annual review and consultation on Actuarial Standard Technical Memorandum 1 (AS TM1), no amendments will be made to the actuarial assumptions used in calculating Statutory Money Purchase Illustrations. AS TM1 v5.1 will continue to be effective for calculations performed between 6 April 2025 and 5 April 2026. The FRC, responsible for maintaining and issuing AS TM1, conducts yearly reviews to ensure the assumptions remain fit for purpose. AS TM1 outlines the assumptions and methods used in statutory illustrations of money purchase (defined contribution) pensions.

The Financial Reporting Council (FRC) has announced that it has opened an investigation into PwC LLP in relation to its audit of the consolidated financial statements of Wyelands Bank plc for the year ending 30 April 2019. This decision was decided at a the FRC’s Conduct Committee meeting, which took place on 15 June 2021. The investigation is to be conducted by the FRC’s Enforcement Division under the Audit Enforcement Procedure.

The Financial Reporting Council (FRC) has published guidance to help actuaries to comply with the Technical Actuarial Standard 100 (TAS 100) modelling requirements. This is ahead of version 2.0 of TAS 100 coming into effect on 1 July 2023. The purpose of FRC technical actuarial guidance is to improve the quality of actuarial work by assisting actuaries in the interpretation and use of judgement in applying, principles-based technical actuarial standards. Compliance with the guidance is not compulsory.

The Financial Reporting Council (FRC) has published its 2024 Annual Review of Corporate Governance Reporting, showcasing examples of good reporting and exploring areas for improvement. The report provides important insights as companies prepare for the transition to the revised UK Corporate Governance Code, effective from January 2025. While reporting quality remains strong, the FRC highlights the need for more outcomes-focused disclosure and improved reporting on risk management and internal controls.

The Financial Reporting Council (FRC) has published its 2026 ‘Annual Review of Corporate Reporting’. It found that reporting quality among FTSE 350 companies has been maintained, with some evidence that the quality gap between those companies and others is narrowing. The FRC conducted 248 reviews and sent substantive enquiry letters to 70 companies, representing 28% of reviews, compared with 37% in 2024/25. It attributes the decrease partly to improved reporting, while noting that a higher proportion of focused thematic reviews also influenced the result. The number of companies restating their financial statements fell to 14 from 18, although four of those restatements affected profit, compared with one in 2025.

The Financial Reporting Council (FRC) has published its Annual Enforcement Review 2026, outlining its investigations and enforcement activity for the year ended 31 March 2026 and highlighting recurring themes, key findings and developments in its enforcement work. The review reports that the FRC opened seven investigations into auditors and accountants, resolved 11 cases through settlement or Tribunal, imposed financial sanctions of £18.2 million before settlement discounts and concluded 11 Constructive Engagement cases. It identifies recurring audit failings including a lack of professional scepticism, compliance with ethical requirements, risk of fraud, revenue and revenue recognition, and insufficient audit evidence. The review also emphasises the importance of cooperation and timely information gathering, noting that exceptional cooperation may reduce financial sanctions while failures to cooperate may result in increased sanctions or separate disciplinary action.

The Financial Reporting Council (FRC) has published its Annual Review of Audit Quality 2026, providing a market-wide assessment of audit quality to support audit firms, audit committees and investors in evaluating audit performance and quality management. The report finds that audit quality remains broadly stable, with sustained improvements among the largest firms and some progress across the wider public interest entity (PIE) audit market. However, audit quality remains inconsistent, particularly among smaller firms, with differences in the maturity of firms’ Systems of Quality Management (SoQMs). The FRC says strengthening firm-wide quality management systems, governance and capability is essential to achieving consistent, long-term improvements. The report also explains the FRC’s revised risk-based supervisory approach, highlights initiatives to build firms’ capacity and support innovation, including the Audit and Technology Sandbox, and is accompanied by updated Audit Firm Metrics to help users assess how firms manage audit quality.

The Financial Reporting Council (FRC) has published the UK Stewardship Code 2026, which will come into effect on 1 January 2026. The Code, developed in response to stakeholder feedback from the FRC’s November 2024 consultation, sets out updated principles of effective stewardship aimed at supporting long-term sustainable value creation while reducing the reporting burden for signatories. It also introduces a flexible, principles-based framework to enhance transparency in stewardship practices. The Code is not prescriptive and does not direct how signatories should invest. To help signatories adapt, 2026 will serve as a transition year, during which no existing signatories will be removed from the list following their 2026 application. The FRC has also published draft guidance for consultation to assist applicants with reporting under the new Code. Comments are invited until 31 August 2025, with the final guidance expected in autumn 2025.

The Financial Reporting Council (FRC) has published the UK Sustainability Disclosure Technical Advisory Committee (TAC)’s final recommendations to the Secretary of State for Business and Trade, Jonathan Reynolds, endorsing IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) and IFRS S2 Climate-related Disclosures (IFRS S2). The TAC’s technical assessment concluded that the endorsement of IFRS S1 and S2 would benefit the long-term public good in the UK. While most requirements were maintained without alteration, the TAC proposed minor amendments to IFRS S1, including extending the 'climate first' reporting relief for up to two years. It also recommended that the UK Sustainability Disclosure Policy and Implementation Committee develop guidance to clarify how entities can align IFRS S1 with existing sustainability-related disclosure requirements under the UK's current legal framework. In addition, it proposed amending IFRS S2's requirement on the use of the Global Industry Classification Standard for disaggregating financed emissions.

The Financial Reporting Council (FRC) has published amendments to FRS 102 to update the framework for companies that choose to adapt the formats of their balance sheets and profit and loss accounts in their annual reports and accounts. The changes support the use of presentation options available under company law and ensure the framework remains fit for purpose and provides relevant information to users. The amendments maintain alignment with International Financial Reporting Standards following the introduction of IFRS 18 ‘Presentation and Disclosure in Financial Statements’ and will not affect entities that do not adapt their financial statement formats. They follow consultation on proposals set out in FRED 87 in July 2025 and will apply to accounting periods beginning on or after 1 January 2027. The FRC has also made limited clarifications to the Periodic Review 2024 amendments relating to both FRS 102 and FRS 105, following stakeholder feedback.