The UK Financial Reporting Council (FRC) has issued updated guidance for businesses preparing strategic reports under UK company law.
The revisions reflect changes to legislation and regulations, including the recent updates to the UK Corporate Governance Code and director report disclosure requirements. Improvements have also been made to the structure and accessibility of the guidance.
As well as the updated guidance, the FRC has issued revised ‘Scoping Tables’ to support businesses complying with statutory reporting requirements.
Mark Babington, FRC Executive Director of Regulatory Standards, stated: “These updates support UK corporate reporting by giving companies clear guidance on how to present a concise and genuinely informative view of their performance, risks and opportunities.”
“By sharpening its structure and updating it to reflect developments in corporate reporting, the revised guidance supports preparers in delivering better reporting that serves shareholders and other primary users of corporate reporting,” he added.