Issued today, with a deadline of the 5 February 2021, the FRC’s Future of Corporate Reporting Discussion Paper is a timely consultation, says ACCA’s head of corporate reporting, Richard Martin:

‘We welcome the FRC’s Discussion Paper (DP), and believe it is timely following the various audit reform reviews happening in the UK over the recent years.

‘It’s very positive to see that the FRC’s DP definition of corporate reporting recognises the importance to inform through corporate reporting the wider stakeholders in addition to shareholders and investors. It is also very positive to note that the DP emphasises the importance of non-financial reporting - this follows a number of developments currently happening in this area globally, nodding to initiatives in reporting outside the financial statements, such as from the European Commission, World Economic Forum, the Statement of Intent from the group of 5 and from the IFRS Foundation. These are looking at the content of such reporting and how standards should be set for that reporting.

‘This piece from FRC considers more how changes to the structure / form of that reporting might help to improve it. It is therefore complementary, but of course there are areas of overlap with these other initiatives such as the intended audience and assessing materiality.  

‘The proposals appear to be rightly looking forward and thinking about longer term developments and so is not responding to some of the more specific issues from the Brydon report for example.

‘ACCA will be responding in full and formally in due course and this will be published in the public domain.’

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Contact: Helen Thompson, ACCA newsroom – helen.thompson@accaglobal.com

+44 (0)7725 498 654

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