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.
•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.