The Financial Reporting Council (FRC) has written to companies highlighting key areas for improvement when preparing annual reports for 2017/2018 considering the changes made to reporting requirements.
The letter draws attention to areas of investor focus as companies should be making detailed and quantitative disclosures explaining the impact of the implementation of new accounting standards IFRS 9, IFRS 15 and IFRS 16.
The letter also tackles the requirements coming out of the EU Directive on non-financial reporting, effective for financial years beginning from 1 January 2017. The FRC is consulting on amendments to the Guidance on the Strategic Report to reflect the new requirements.
Additionally, the letter focuses on improvements to viability statements, which is a priority for investors, as well as; reporting on the capacity to pay dividends, critical judgements and estimates, and defined benefit pensions.
The letter is available here.
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