The Financial Reporting Council (FRC), the UK’s regulator responsible for promoting corporate governance, has published an update for directors of listed companies in the UK to assist them in responding to increased country and currency risk in their annual and half-yearly financial reports. The update was prompted by the current economic uncertainties facing a number of countries around the world.
The update is designed to be relevant to annual and half-yearly financial reports issued by companies in the UK listed on a regulated market in the coming months. It aims to draw together directors’ attention to some of the more significant issues they may need to consider in order to provide a balanced and understandable assessment of the company’s position and prospects in the context of increased country and currency risk.
Stephen Haddrill, chief executive officer (CEO) of the FRC, said: “Directors of companies in the UK are trying to assess the risks to their companies’ business models in difficult and rapidly changing economic conditions. The FRC is committed to promoting market confidence in corporate reporting. It has published this guidance for directors on the preparation of balanced and understandable disclosures that put their company’s position and prospects in context of the current market conditions.”
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