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FRC advice on interim reporting

The Financial Reporting Council (FRC) has published a thematic review on Interim Reporting in advance of the 2021 interim reporting season. The thematic review highlights areas of good practice and makes suggestions for improvements to meet the needs of stakeholders. It considered a sample of 20 recently published interim reports from entities listed on the main market of the London Stock Exchange.

Overall the FRC was pleased with the quality of interim reports. Companies had taken on board the recommendations from previous thematic reviews and the guidance given in the FRC’s joint statement with the FCA and the PRA on Covid-19. They had also enhanced their disclosures particularly in relation to going concern and the statement of cash flows.

There however remains opportunities for further improvement, and the FRC encourages preparers to carefully consider the findings of this thematic when preparing their forthcoming interim reports and expects companies to communicate material information clearly and concisely.

The key observations identified were:

If you require any further information or advice on interim reporting, please speak to Lee Marshall.

authors:lee-marshall,authors:paul-merris