The Financial Reporting Council (FRC) has updated its Guidance on the Strategic Report. The Guidance, which was first published in 2014, is designed to help UK entities meet their reporting requirements to prepare a Strategic Report under the Companies Act 2006. As well as companies, the Guidance is also relevant to other entities such as limited liability partnerships and qualifying partnerships that are required to prepare a strategic report.
The updated guidance supersedes the previous edition of the guidance issued in June 2022 and incorporates the following;
- Various changes in the corporate reporting framework including the Corporate Governance Code 2024, the Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024, the Companies Directors’ Report (Payment Reporting) Regulations 2025 and other developments in sustainability-related and wider corporate reporting practice
- Changes which emphasise the status of the guidance. Mandatory requirements are clearly indicated and distinguished from good practice guidance in the updated document
- Updates which emphasise the purpose and objectives of reporting and communication principles
- Structural improvements to the Guidance which should make it easier to navigate and more accessible. Sections are now ordered by general principle instead of by entity type
- The scoping tables are now published as a separate document
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