neoaccounting

The Financial reporting Council’s (FRC) annual review showed small improvements in certain areas but an overall need for more to be done The FRC wants large listed companies to provide more specific data, rather than the “boiler-plate” text that is still lingering. Paul George, executive director for corporate governance at the FRC, noted that overall reporting was good but highlighted the need to beware of complacency. There was a slight improvement in narrative reporting, with increased focus on risk management at board level since the introduction of viability statements, and improvements in strategic reports. Despite improvements, such as those recorded by companies regarding performance measures, there were still questions raised over clarity and specificity, an area the authority frequently challenged. The review considered that despite the progress, there was no remarkable change regarding strategic reports since the previous year. “M...