The FRC wants to de-clutter accounts
The Financial Reporting Council’s (FRC) Financial Reporting Lab, in its project to help companies and investors improve reporting, has a broad aim to ‘remove clutter’ from accounts.
As the reporting season moves on to March year-ends, it is interesting to look at the reporting findings.
How much to disclose is one of the key questions. In its report on William Hill, the FRC highlighted the reduced reporting in the accounts of accounting policies. It stated that ‘the Company presented its significant policies as those relating to:
The Company continues to provide access to its complete list of disclosed accounting policies (Complete List) outside the financial statements.
This was first done by reference to its website for the 2011 and 2012 annual reports, and in the 2013 annual report was done by way of an appendix to the annual report.’