The Financial Reporting Council (FRC) has issued a feedback statement following publication of its thought leadership paper on the Future of Corporate Reporting. There were over 75 responses to the consultation with the majority of respondents welcoming the FRC’s initiative. There was support for:
- A model accommodating the interests of investors and other stakeholders
- The concept of a reporting network but recognition that the idea would need further development before it is practicable
- A model that puts digital first
- Standardisation of non-financial reporting
In addition respondents encouraged the FRC to align any UK developments with those internationally.
The FRC will take forward the feedback via different workstreams – policy development, influencing, thought leadership and transformation.
The feedback statement is available here.