New Financial Reporting Lab Project: Accounting Policy Disclosures and Integration of Related Financial Information

News types: Consultation Announcement, Publications

Published: 8 May 2013

PN 046

The FRC’s Financial Reporting Lab (the Lab) is calling for listed companies and investors/analysts to participate in a project on approaches to disclosing accounting policy information that are considered to be most effective. This project will also explore the ordering of footnotes to the financial statements, as this is a topic that arises when companies integrate accounting policy disclosure with detailed footnote disclosure. We also plan to consider linking or integrating related information on policies and their application, the resulting financial statement information, and the financial review.
 
The aim of the Lab’s project is to provide insight from the corporate and investment communities on effective approaches to reporting, including both the content and style of presenting information. The project will provide companies with an opportunity to better understand what it is that the investment community believes is most helpful, both within and beyond current requirements.

Companies are requested to indicate interest in participating in this project over the course of the next month.
 
Notes to editors:

  1. The FRC is responsible for promoting high quality corporate governance and reporting to foster investment.  We set the UK Corporate Governance and Stewardship Codes as well as UK standards for accounting, auditing and actuarial work.  We represent UK interests in international standard-setting.  We also monitor and take action to promote the quality of corporate reporting and auditing.  We operate independent disciplinary arrangements for accountants and actuaries; and oversee the regulatory activities of the accountancy and actuarial professional bodies.

  2. The Financial Reporting Council (FRC) launched its Financial Reporting Lab (Lab) with the aim of improving the effectiveness of corporate reporting in the UK. The Lab provides a collaborative environment for companies, investors and analysts to discuss innovative reporting solutions that better meet the needs of both communities. Further information on the Lab and its activities can be found here.

  3. Companies and investors/analysts interested in discussing participation in this project should contact the Lab team by email at: [email protected], or contact Sue Harding by telephone on 020 7492 2442.

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