Other miscellaneous publications and information

Included below are links to other publications and information that may be of relevance or interest:

• Transitional provision guidance (December 2020) The FRC has issued transitional provision guidance for preparers using IFRS, and their auditors. This includes proposed wording to explain the basis of accounts preparation, where an entity has a financial period which straddles the end of the transition period following the UK’s exit from the European Union. This is to ensure consistent understanding and application of requirements in the Companies Act.

• FRC/BEIS Letter: Accounting and Corporate Reporting after the end of the Transition Period (November 2020) In November 2020 the UK Government and the Financial Reporting Council published end of transition period letters to the accounting and audit sectors setting out the UK framework for audit and reporting at the end of the transition period.

• FRC/BEIS Letter: Accounting and Corporate Reporting during the Transition Period (February 2020) The FRC and Department for Business, Energy and Industrial Strategy (BEIS) published FRC/BEIS joint letters for accountants and auditors with information regarding auditing, accounting and corporate reporting standards during the transition period following the UK’s exit from the EU.
  
  
• The Accounting Direction for social housing providers is available on the UK Governmentment webpage under Housing Regulation.

• The FRC’s work on annual and wider corporate reporting covers a range of activities including thought leadership, issuing guidance on aspects of corporate reporting and influencing and collaborating with other regulators and standard setters. In June 2022, the FRC published Guidance on the Strategic Report. The Guidance on the Strategic Report is set in the context of the annual report as a whole to recognise that the strategic report does not exist in isolation from other aspects of corporate reporting. The Guidance includes communication principles that emphasise the qualities of good corporate reporting. It encourages companies to focus on the application of materiality to disclosures and to be innovative in the structuring of information to improve the clarity and conciseness of information.
  
  

• The FRC’s Financial Reporting Lab (the Lab) has produced a number of interesting reports on aspects of reporting, such as COVID 19 related matters, Section 172 statements, workforce-related and climate-related corporate reporting etc. The Lab’s publications, along with details of current projects on its agenda are available on the FRC website.

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