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Future of Corporate Reporting

Future of Corporate Reporting

The Financial Reporting Council (FRC) has launched a major project to challenge existing thinking about corporate reporting and consider how companies should better meet the information needs of shareholders and other stakeholders.

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The Financial Reporting Council (FRC) has launched a major project to challenge existing thinking about corporate reporting and consider how companies should better meet the information needs of shareholders and other stakeholders.

The FRC will review current financial and non-financial reporting practices, consider what information investors and other stakeholders require and fundamentally, the purpose of corporate reporting and the annual report. The different types of corporate communications produced by companies will also be examined.

In recent years there has been a growing debate about the purpose of the annual report and the audience for it. Despite initiatives such as ‘Clear & Concise’ and ‘Cutting Clutter’, there is ongoing pressure from users to streamline the annual report. Reporting requirements though continue to increase so the FRC will seek a balance between the needs of users and the costs and practicalities of providing this information for companies.

The FRC expects that this project will result in a series of calls for action for changes to regulation and practice. During the second half of 2019, the FRC will publish a thought leadership paper consolidating the outcomes of the project.

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