FRC advice for preparing 2017/18 annual reports

Released 10 October 2017

The Financial Reporting Council (FRC) has written to companies highlighting changes to reporting requirements and key areas for improvement for 2017/18 annual reports.

The FRC’s letter draws companies’ attention to areas of investor focus, including:

The implementation of new accounting standards (International Financial Reporting Standard (IFRS) 9, IFRS 15 and IFRS 16);

Non-Financial Reporting - new regulations implementing the EU Directive on non-financial and diversity information are effective for financial years beginning on or after 1 January 2017;

Viability statements - the FRC encourages companies to consider developing their viability statements;

Dividends - the FRC encourages further adoption of reporting on the capacity to pay dividends;

Critical judgements and estimates – the need to provide more granular information about a smaller set of judgements and estimates that had a significant impact on results and explaining why certain assets were subject to significant risk of material change;

Defined Benefit pensions – the need to improve transparency regarding pension arrangements.

View and/or download the Letter at Advice for preparing 2017/18 annual reports.

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