FRC fact sheet to help companies meet new non-financial reporting
The Financial Reporting Council has published a factsheet on non-financial reporting. This provides an overview of the new requirements for certain large companies and groups to publish a non-financial information statement in their strategic report.
The factsheet explains the companies to which the requirements apply and the information that they need to disclose in the strategic report and corporate governance statement. It also considers the overlap with existing reporting requirements, identifying existing strategic report disclosure requirements that continue to apply and highlighting additional requirements introduced by the Regulations.
The factsheet notes that the European Commission has published guidance on non-financial reporting. This is non-mandatory and companies can use other frameworks, such as the FRC’s Guidance on the Strategic Report, which is currently being updated to reflect the new legislative requirements.
The new requirements are set out in The Companies, Partnerships and Groups (Accounts and Non-Financial Reporting) Regulations 2016 which implement Directive 2014/95/EU for financial years commencing on or after 1 January 2017.
View the FRC non-financial reporting factsheet.