Financial Reporting Council (FRC) advice for 2017/18

In its letter of 10 October, the FRC advised Audit Committee Chairs and Finance Directors of areas of investor focus for 2017/2018. The FRC would like to see more factors taken into consideration when preparing the viability statement. At present these are too focused around medium term business plans and seldom include other factors like relevant investment periods.

The FRC also highlighted concern about how risk was reported.

The FRC will consult on its review of the UK Corporate Governance Code in November 2017. Consequently, the new Code is unlikely to be published until after the first quarter of 2018.

Action: every organisation that grows needs to make sure its governance grows with it. Check that your governance meets not just your present needs but also your future plans. Stakeholders and customers will demand it.

For more information email info@haddletonlegal.com

To see the FRC letter go to:https://frc.org.uk/getattachment/e8cfb722-5d72-404c-90df-4f90ef351c4f/Year-end-advice-letter-to-companies-FINAL.pdf

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