The Financial Reporting Council (FRC) has set out its reporting expectations amidst the ongoing cost-of-living crisis.
The FRC recently published its Annual Review of Corporate Reporting, outlining its findings from its monitoring activities and its expectations for the coming reporting season.
The most common issues identified by the FRC included impairment problems and making judgements and estimates. It stated that this ‘reflects the ongoing economic uncertainties companies need to factor into their financial reporting’ and the requirement for detailed explanations to help users understand the positions taken.
A ‘significant number’ of issues with cashflow statements were also uncovered, resulting in seven companies restating their results.
Sarah Rapson, Executive Director of Supervision at the FRC, said: ‘During periods of economic uncertainty, it is especially vital that companies provide users of annual reports and accounts with decision-useful information.
‘While the overall quality of company reporting we have seen remains consistent, companies should continue to familiarise themselves with FRC findings and expectations to ensure they are providing high quality disclosures.’
20/10/2023
View all >
01/05/2024
HMRC online NIC payment service
HMRC has launched a new online voluntary national insurance payment service.
READ MORE
HMRC tax rules for WFH commuting
HMRC has updated guidance on when tax relief is available on travel expenses for staff who work from home.
FSB calls for Ofgem to 'take action'
The Federation of Small Businesses (FSB) has called on the energy regulator Ofgem to ‘take action’ on the standing charges paid by UK small firms.
Sign up to keep in touch to receive our latest news and industry updates.
* *
Yes, I would like to receive email updates providing me with the latest finance news, advice guides and details of future events.