Advice and clarifications for listed businesses
FRC advice on interim reporting
July 2021
The FRC has published a thematic review on interim reporting, highlighting good practice and suggesting improvements to meet the needs of stakeholders. We have summarised the key findings from the review and the FRC’s recommendations.
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FRC advice for preparing 2020/21 annual reports
January 2021
When preparing their 2020/21 annual reports, both listed and private companies should consider the following advice issued by the FRC, summarised in the article.
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Cash flow statements need to improve
January 2021
Due to continued economic uncertainties, primarily from the impact of coronavirus, investors and regulators are likely to be particularly interested in liquidity disclosures this reporting season.
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Audit committees’ responsibilities in evaluating audit quality
March 2020
The Financial Reporting Council (FRC) has updated its publication Audit Quality – Practice aid for audit committees. The guide provides details to help audit committee assess the effectiveness of the external audit process. It also covers the responsibilities of audit committee in tendering, evaluating and reporting on their external audit and auditor.
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Investor expectations around climate change reporting
March 2020
The FRC’s financial reporting Lab has produced an extensive paper on climate-related corporate reporting. RSM have summarised the key elements that investors would like to see incorporated into company reports.
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Attracting investment through clear cash reporting
February 2020
The FRC Lab has produced a detailed report on cash reporting disclosures. RSM summarises the three main areas where investors want good disclosure and provides ideas of what the disclosures should contain.
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Determining discount rate under IFRS 16
February 2020
A key challenge of IFRS 16 is determining the discount rate. This includes determining the rate implicit in the lease, the lessee’s incremental borrowing rate and the impact of transitional approach on discount rate.
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IFRS 9 – advice for non-banking entities
February 2020
Non-banking entities reporting under IFRS 9 are encouraged to consider the findings in the Financial Reporting Council’s (FRC) thematic review of Disclosures in the First Year of Application of IFRS 9 summarised here.
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Impairment disclosures for non-financial assets
January 2020
The FRC would like entities to provide more transparent reporting of the recognition or reversal of an impairment loss. It has conducted a Thematic Review - Impairment of non-financial assets to look at compliance with the disclosure requirements in IFRS and commentary in the strategic report.
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