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Integrated reporting takes a step forward

The debate over integrated reporting has taken a new turn this week with the Financial Reporting Council (FRC) launching new strategic reporting guidelines.

The guidance, according to the FRC, applies to reporting criteria under the Companies Act 2006, which was updated earlier this year. The regulations now require the inclusion of additional narrative reporting.

The changes are expected to lead to an increase in the demand for accountants in Liverpool and across the UK. These professionals will also need to ensure that their clients are represented more comprehensively in their annual reports.

Annual reports, from October 1, will need to include details regarding the company’s stance on human rights, greenhouse gas emission and gender representation.

The changes will see a strategic report switch with the business review currently in place. The idea is that companies will be in a better position to present themselves to investors and clients.

The IIRC’s CEO, Paul Druckman, explained that the pro-stance that the FRC is taking on experimentation and innovation in reporting is likely to lead to businesses taking one step away from rigid adherence and another step towards an enhanced way of communicating their own unique story for financial Capital providers. He said:

“There is of course more to do, in terms of articulating a common vision, a clearer roadmap for businesses to follow and, perhaps, more clarity around the definitions of key terms; but are we moving in the right direction? Yes, absolutely.”

The consultation is scheduled to close on November 15.

Posted by Louise
August 20, 2013
Tax

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