The Financial Reporting Council (FRC) has published a staff guidance note explaining that companies whose shares are traded on the Private Intermittent Securities and Capital Exchange System (PISCES) should not currently be treated as listed entities for the purposes of the FRC’s Ethical Standard. The guidance is intended to help auditors apply the Ethical Standard consistently following the launch of PISCES in 2025.

The Financial Reporting Council (FRC) has published stakeholder feedback on its August 2024 ‘Opportunities for Future UK Digital Reporting’ discussion paper, highlighting broad support for digital reporting. Responses from preparers, regulators, and software vendors addressed the implementation of digital reporting requirements in a post-EU exit environment and under the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023). Key findings revealed strong support for continued collaboration between regulators and preparers to reduce complexity, calls for improved guidance and support materials, and the need to balance UK-specific reporting requirements with international comparability. While no specific decisions on digital reporting will be made by the FRC in 2025, the feedback will inform ongoing development and technical approaches across UK regulatory bodies.

The Financial Reporting Council (FRC) has published its thematic review, examining the corporate reporting quality of 20 smaller listed companies outside the FTSE 350, spanning both the Main Market and the Alternative Investment Market. The review specifically focuses on four key areas: (1) revenue recognition; (2) cash flow statements; (3) impairment of non-financial assets and (4) financial instruments. The report provides practical insights and hypothetical examples based on actual casework, offering guidance to help companies enhance their reporting standards and avoid FRC enquiries.

The Financial Reporting Council (FRC) has released updates to relevant existing publications in response to the Government’s changes to UK company size thresholds, due to come into effect from 6 April 2025. The FRC has also published a summary document, outlining the changes to provide clarity for those reporting in line with the updated framework.

The Financial Reporting Council (FRC) has published a revised version of Actuarial Standard Technical Memorandum 1 (AS TM1). AS TM1 provides a basis for producing defined contribution (DC) pension illustrations that are consistent between providers to help users better understand their retirement savings. The revised AS TM1 includes higher accumulation rate assumptions in response to higher long term interest rates and gilt yields resulting in higher long term expected returns. It is effective from 6 April 2024.

The Financial Reporting Council (FRC) has published an updated version of Technical Actuarial Standard (TAS) 310, together with accompanying Technical Actuarial Guidance, for collective defined contribution (CDC) pension schemes involving multiple unrelated employers. TAS 310 version 1.1 introduces targeted requirements relating to ‘actuarial equivalence’, aimed at promoting fairness between the pension benefits provided and the contributions paid by different employers and groups of members. The accompanying guidance is intended to help actuaries undertake actuarial equivalence work in a proportionate manner. The revisions follow the FRC’s consultation, launched on 9 February 2026, which sought views on proposed amendments to reflect legislation enabling the operation of multiple-employer CDC pension schemes. Respondents broadly supported the proposals. The revised standard applies to technical actuarial work completed on or after 31 July 2026.

The Financial Reporting Council (FRC) has published an updated version of its ‘Our Approach to Regulation’ framework, which sets out how it intends to support economic growth and maintain confidence in the UK’s corporate governance, corporate reporting, audit and actuarial sectors. The framework centres on supporting innovation, applying proportionate and principles-based regulation, aligning its standard-setting, supervision and enforcement activities and drawing on stakeholder engagement and data to inform regulatory decisions. It also sets out how the FRC applies the principles of the Regulators’ Code when carrying out its functions.

The Financial Reporting Council (FRC) has published updated guidance on ‘comply or explain’ reporting intended to help investors, proxy advisers and other users of corporate reporting better understand and recognise the value of companies departing from provisions of the UK Corporate Governance Code. The guidance is intended to assist users of corporate reporting in assessing the explanations provided by companies when they choose not to follow provisions of the Code.

The Financial Reporting Council (FRC) has published updated guidance on the ‘Going Concern Basis of Accounting and Related Reporting, including Solvency and Liquidity Risks’, following its August 2024 consultation. This non-mandatory guidance aims to assist company directors in applying relevant legal and regulatory requirements when assessing and disclosing the going concern basis of accounting and material uncertainties in financial statements. The guidance also covers the disclosure of principal risks and uncertainties, including those affecting solvency and liquidity, within strategic reports. It consolidates requirements from company law, accounting standards, auditing standards, listing rules, the UK Corporate Governance Code, and other relevant regulations, providing a practical framework for companies of various sizes to prepare high-quality, company-specific going concern disclosures.

The Financial Reporting Council (FRC) has published updated guidance on the strategic report along with revised scoping tables. The guidance has been updated to reflect changes to legislative and regulatory requirements including amendments to directors’ report disclosures under the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulation 2024, SI 2024/1303 changes introduced by the UK Corporate reporting practice. The scoping tables have been revised to support companies in complying with Companies Act 2006 disclosure requirements for the strategic report, directors’ report and the energy and carbon report, reflecting reporting of payment practice as set out in the Companies (Directors’ Report) (Payment Reporting) Regulations 2025, SI 2025/1152.

The Financial Reporting Council (FRC) has launched a re-consultation on proposed revisions to International Standard on Auditing (ISA) (UK) 250 and ISA (UK) 270 aimed at strengthening auditors’ approach to non-compliance with laws and regulations (NOCLAR) while maintaining a proportionate, principles-based framework. The re-consultation follows the FRC’s initial consultation in October 2023. The FRC states that the revised proposals reflect stakeholder feedback and are intended to support high-quality audit without placing unnecessary burdens on auditors or audited entities. The consultation closes 21 May 2026.

The Financial Reporting Council (FRC) has issued the second assessment of the reportings from large private companies who follow the Wates Corporate Governance Principles (Wates Principles).