BUSINESSES are to be canvassed on the introduction of an EU directive compelling them to disclose non-financial and diversity information.
The Department of Business, Innovation and Skills (BIS) is running a consultation on a requirements which will see environmental, social, employee, human rights, anti-corruption and bribery matters, and board diversity published.
Many of the requirements are aligned with the existing UK requirements for strategic reports.
In particular, BIS is seeking input on the scope of the proposals; member state options; whether the non-financial statement should be placed outside the annual report; assurance around the non-financial statement; whether there are existing narrative reporting requirements that can be repealed; costs and benefits of the proposals.
Following the outcome of the consultation, the FRC will consider any consequential amendments to the guidance on the strategic report to reflect any changes in regulation.
The consultation is open for comment until 15 April 2016.
Three former Tesco executives, including the former finance director of Tesco UK, have been charged with fraud in relation to a £263m accounting scandal at the supermarket chain
A group of investors have made fresh calls for the UK’s largest listed companies to disregard the accounting advice of reporting watchdog the FRC
The FRC has scrapped its probe into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal.
The Serious Fraud Office has opened a criminal investigation into allegations of “fraud, bribery and corruption” in the civil aviation business of Airbus Group