On 15 December 2015, in preparation of the reporting season, the FRC wrote to audit committee chairs in larger listed companies summarizing key developments for 2015 annual reports.
The letter states that, generally, the quality of corporate reporting is high but there are some areas where companies could improve their reporting. For example, the letter states that the annual reports should go beyond a compliance driven approach and avoid boilerplate statements so that investors receive the relevant information in a clear and concise format.
The letter identifies some of the key themes in corporate governance and reporting, including considering the risks a company is exposed to and the importance of materiality assessments to underpin effective, tailored disclosure.
This letter can be accessed at: https://frc.org.uk/Our-Work/Publications/FRC-Board/Year-end-advice-to-preparers-larger-listed-compa.pdf
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.