UK to Review Non-financial Reporting Requirements

The UK government is taking steps to review the non-financial reporting requirements for companies in an effort to streamline regulations and support economic growth. The Department for Business and Trade (DBT), in collaboration with the Financial Reporting Council (FRC), the regulatory body responsible for corporate governance, reporting, and audit, is conducting the review. The aim is to assess the current non-financial reporting requirements that UK companies must adhere to when producing their annual reports. Additionally, the review will examine broader requirements that go beyond the scope of annual reports including gender pay gap and modern slavery reporting. The DBT and FRC will also evaluate the effectiveness of the existing company size thresholds, which determine specific non-financial reporting obligations, as well as the preparation and filing of accounts with Companies House. This initiative builds upon the government’s Smarter Regulation to Grow the Economy policy paper, which outlines strategies to reduce regulatory burdens and promote economic growth following the UK’s departure from the European Union. The review process begins with a call for evidence, which invites feedback and insights on existing requirements. As part of the review, the government said it is seeking views on the best way to integrate standards introduced by the International Sustainability Standards Board (ISSB) into the UK’s reporting framework, as well as the potential role for other reporting initiatives that are designed with sustainability-related goals in mind. 

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