BIS consultation on the UK implementation of the EU non-financial reporting directive

ACCA has responded to the consultation by the UK Department for Business, Innovation and Skills (BIS) on the UK implementation of the EU Non-Financial Reporting (NFR) Directive.

ACCA's position

ACCA believes that non-financial information provides crucial context for shareholders to understand companies' development, performance, position and impact. As such, we believe that the non-financial disclosures required under the EU Non-Financial Reporting Directive should be placed within the annual report, as part of the management report (in the UK, Strategic Report).

Implementation timeline

The European Commission is to publish non-binding guidelines on non-financial reporting by 6 December 2016, and the Directive is to be transposed into Member State laws by the same date. The requirements are to apply to companies during 2017.

Companies in the UK will be looking to the FRC to provide consistent guidance on the implementation of the Directive in the UK.