FRC urges UK firms to guard against poor quality corporate reporting
LONDON (Reuters) - Accounting watchdog Financial Reporting Council (FRC) has called on firms to ensure reports and accounts remain clear, consistent and relevant against a backdrop of increased economic uncertainty brought by the pandemic.
After publishing its annual review of corporate reporting on Wednesday, the regulator said it had reviewed 216 accounts and wrote to 96 companies with substantive questions about their reports in the last year.
Some 14 companies were required to restate their accounts in instances where significant non-compliance occurred.
The FRC said its upcoming monitoring of annual reports will focus on disclosures addressing risk, judgement and uncertainty in face of COVID-19, climate change and the UK's exit from the European Union.
(Reporting By Sinead Cruise, editing by Clara Denina)
