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New UK narrative reporting regulations laid before parliament

New UK narrative reporting regulations laid before parliament

Background

New narrative reporting proposals for UK companies, which will come into force for periods ending on or after 30 September 2013, have now been finalised and laid before parliament for approval.

The regulations:

  • require all companies (except small companies) to prepare a strategic report which will be presented separately to the directors’ report and will replace the current business review. Quoted companies will need to ensure they include specific information on the company's strategy, business model, human rights and gender diversity;
  • require quoted companies to include information on greenhouse gas emissions in their directors' report;
  • remove a handful of other currently required disclosures; and
  • replace the option to prepare summary financial statements with an option to provide a 'strategic report with supplementary material'.

Download

FRC proposals on going concern - Implementing the recommendations of the Sharman Panel New UK narrative reporting regulations laid before parliament (PDF)

 

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