UK: The FRC's annual review of corporate reporting

The Financial Reporting Council has published the results of its annual review of corporate reporting: see here (pdf). Published alongside the report is an open letter addressed to audit committee chairs and finance directors: see here (pdf). The FRC is calling for improvements in (a) companies' reporting of forwarding-looking information, (b) the potential impact of emerging risks on future strategy and (c) the carrying value of assets and the recognition of liabilities.

The report no longer contains a review of corporate governance disclosures and compliance with the UK Corporate Governance Code because a separate report covering these matters will be published later this year.