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Strategic Outcome: Corporate reports contain information which is relevant, reliable, understandable and comparable, and are useful for decision-making, including stewardship decisions.
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Supporting Outcomes:
(which contribute to the Strategic Outcome)
The legislative and regulatory framework provides clarity in what is required to provide relevant, reliable, understandable and comparable reports, and underpins the importance of a true and fair view.
Directors strive to ensure that financial statements show a true and fair view and to embrace best practice in the provision of all information in financial reports.
Financial reporting requirements are appropriately monitored and enforced.
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Accounting Standards Board
The Accounting Standards Board issues accounting standards for the UK and Ireland but, with the move to International Financial Reporting Standards (IFRS), it is increasingly focussed on influencing the setting of standards by the International Accounting Standards Board (IASB) on behalf of its stakeholders.
Links ASB website
Financial Reporting Review Panel
The Financial Reporting Review Panel reviews company accounts for compliance with the law and accounting standards. The Panel reviews the annual accounts of some 300 public and large private companies a year and keeps under review interim and final reports of certain other listed issuers. It is the role of the Panel to enquire into cases where, in the words of the Companies Act, ''''it appears to the Panel that there is, or may be, a question whether accounts comply with the requirements of this Act'.
Links FRRP website
FRC Projects on Corporate Reporting
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