Updated UK taxonomies from FRC and BoE
August saw the UK’s Financial Reporting Council (FRC) publish a draft version of its 2024 Taxonomy Suite, incorporating a number of updates.
Items tagged with "UK"
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FRC reports continued improvement in audit quality but further action needed
The UK’s Financial Reporting Council (FRC) has released its annual inspection and supervision results for the largest audit firms, including BDO, Deloitte, EY, Grant Thornton, KPMG, Mazars, and PwC. The report reveals that 77% of audits inspected were deemed good or required only limited improvement, representing a consistent year-on-year improvement over the past four years.
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FRC highlights importance of comprehensive dividend disclosure
Dividends play a crucial role in the investment landscape, and the Financial Reporting Council (FRC) has emphasised the significance of comprehensive disclosure in this area. In a recent report, the FRC underscores the need for companies to go beyond mere disclosure of dividend amounts and provide deeper insights into their dividend policies and practices.
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Audit committee chairs clued-in to ESG reporting
The UK’s Financial Reporting Council (FRC) has released a research report exploring the perspectives and approaches of Audit Committee Chairs (ACCs) towards Environmental, Social, and Corporate Governance (ESG) activities and reporting.
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UK launches review of non-financial reporting requirements
The UK Department for Business and Trade (DBT), in collaboration with the Financial Reporting Council (FRC), has issued a call for evidence to support the review of the UK’s non-financial reporting requirements.
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FRC publishes minimum standard for audit committees
The Financial Reporting Council (FRC) has released the Audit Committees and the External Audit: Minimum Standard, designed to enhance audit quality and reinforce public trust in the financial reporting process. The standard provides clear expectations and guidelines for audit committees within the FTSE350, supporting the delivery of high-quality audits.
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Standardised data takes the spotlight in PRA speech
Rebecca Jackson, director of the UK’s Prudential Regulation Authority (PRA), recently delivered a speech at the Association Of Foreign Banks Mansion House Lunch, shedding light on the PRA’s approach to data regulation and supervision in the financial industry.
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Future of financial regulation: FCA emphasises innovation and AI
At the recent Innovate Finance Global Summit, Jessica Rusu, Chief Data, Information, and Intelligence Officer of the UK’s Financial Conduct Authority (FCA), delivered a speech highlighting the importance of innovation, AI, and data-driven regulation in the future of finance.
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UK aims to be world’s first ‘net-zero financial centre’ with green finance strategy
The UK Government recently published its new Green Finance Strategy, outlining its goal to become the world’s first net-zero financial centre. The strategy includes updates on greenhouse gas reporting, net-zero transition plans and associated disclosures, and the expected implementation of the International Sustainability Standards Board (ISSB) standards.
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FRC prioritises digital reporting as most impactful technology
The UK’s Financial Reporting Council (FRC) has identified digital reporting and tagging, including of ESG (Environmental, Social, and Governance) information, as a high priority area for its technology and digital strategy.
