U.K.'S FRC Tells Companies to Improve Quality of Reporting

The U.K.’s Financial Reporting Council called for improvements in key areas of corporate reporting, including accounting judgments and estimates, eliminating basic errors and how companies apply the Corporate Governance Code, according to a statement Oct. 24.

The FRC published its open letter to finance directors and audit committee chairs, drawing from findings of its annual review of corporate governance and reporting.

The FRC also revealed that the number of companies required to correct their reporting in 2017-18 surged to 15, from two the previous year. It also found more “lower-level errors in company accounts.

The FRC told companies to ...