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FRC publishes Non-Financial Reporting Directive factsheet

Jul 28, 2017
The Financial Reporting Council (FRC) has published a factsheet on non-financial reporting, which provides an overview of the new regulations implementing the EU Directive on non-financial and diversity information.
 
The regulations apply to companies and qualifying partnerships with financial years beginning on or after 1 January 2017.

The scope

As a first step, companies will need to consider whether they fall within the scope of the new non-financial regulations.
 
The new regulations only apply to a sub-set of companies that are required to provide a Strategic Report. Those companies that are not within the scope of the new regulations will continue to apply the pre-existing non-financial reporting requirements in the Strategic Report.
 
The new non-financial reporting regulations apply to certain large companies and qualifying partnerships with more than 500 employees. The entities that fall within scope, if they have more than 500 employees, are:
 
  • Traded companies;
  • Banking companies;
  • Authorised insurance companies; and
  • Companies carrying on insurance market activity.
 
Source: Financial Reporting Council.