FRC publishes future of corporate reporting discussion paper

Released 08 October 2020

The Financial Reporting Council (FRC) has released a discussion paper proposing a future for corporate reporting based on a principles-based framework.

The paper considers a common criticism that annual reports are too long, and information difficult to access.

Proposals include:

unbundling the existing purpose, content, and intended audiences of the current annual report by moving to a network of interconnected reports;

a new common set of principles that applies to all types of corporate reporting;

objective-driven reports that accommodate the interests of a wider group of stakeholders, rather than the perceived needs of a single set of users;

embracing the opportunities available through technology to improve the accessibility of corporate reporting; and

a model that enables reporting that is flexible and responsive to changing demands and circumstances.

Comments are invited by 5 February 2021.

Further information, including a link to the consultation document, can be found at https://www.frc.org.uk/news/october-2020/frc-publishes-future-of-corporate-reporting-discus.

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