Narrative reporting
“Narrative reporting” describes the non-financial information included in annual reports to provide a broad and meaningful picture of the company’s business, its market position, strategy, performance and future prospects. This includes the strategic report, the directors’ report, the chairman’s statement, the directors’ remuneration report and corporate governance disclosures. The Financial Reporting Council has produced guidance on the strategic report and other aspects of narrative reporting, and its Financial Reporting Lab reports provide the results of discussions with investors on best practice disclosures in particular areas.
Narrative reporting framework
- King’s Speech 2024: Draft Audit and Corporate Governance Bill included – July 2024
- TNFD: Increased TNFD adoption and new sector guidance – June 2024
- DBT: Non-financial reporting review – simpler corporate reporting consultation - May 2024
- DBT: Framework and Terms of Reference for the development of UK Sustainability Reporting Standards - May 2024
- DBT: Sustainability Disclosure Requirements – Implementation Update 2024 - May 2024
- Transition Plan Taskforce: New transition plan resources published - April 2024
- TNFD: Announcement that 320 organisations to start TNFD nature-related corporate reporting – January 2024
- Transition Plan Taskforce: Sector specific guidance published for consultation – November 2023
- Transition Plan Taskforce: Disclosure Framework launched – October 2023
- FRC: Annual Review of Corporate Reporting 2022/23 – October 2023
- TNFD: Recommendations of the Taskforce on Nature-related Financial Disclosures – September 2023
- ISSB: Inaugural global sustainability disclosure standards – June 2023
- FRC Lab: Insight report – Disclosure of dividends revisited – June 2023
- FRC: Thematic Review – IFRS 13 ‘Fair value measurement’ – June 2023
- Department for Business and Trade: Smarter regulation non-financial reporting review – Call for evidence – May 2023
- Department for Business and Trade: Ethnicity pay reporting – Guidance for employers – April 2023
- FRC: Review of Corporate Governance Reporting 2022 – November 2022
- FRC: Annual Review of Corporate Reporting 2021/22 – October 2022
- FRC: Modern slavery reporting practices in the UK – April 2022
- FCA: Diversity and inclusion on company boards and executive management (PS22/3) – April 2022
- BEIS: Mandatory climate-related financial disclosures by publicly quoted companies, large private companies and LLPs – Non-binding guidance – February 2022
- Companies (Strategic Report) (Climate-related Financial Disclosure) Regulations 2022 – January 2022
- FCA: Enhancing climate-related disclosures by standard listed issuers – PS21/23 – December 2021
- ICSA Guidance Note: Directors’ general duties under the Companies Act 2006 (includes guidance on section 172 statements) – August 2020
- European Commission Guidelines on non-financial reporting of climate-related information – June 2019
- Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance – March 2019
- The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018 – November 2018
- GC100 guidance on directors' duties: section 172 and stakeholder considerations – October 2018
- The Companies (Miscellaneous Reporting) Regulations 2018 – July 2018
- BEIS FAQs on the Companies (Miscellaneous Reporting) Regulations 2018 – June 2018
- The Companies, Partnerships and Groups (Accounts and Non-Financial Reporting) Regulations 2016 – December 2016
- BEIS Non-Financial Reporting Directive: Government response to the consultation on implementation of the Directive – November 2016
- The Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 – August 2013
Financial Reporting Review Panel/Financial Reporting Council/ Government guidance
- FRC: Reporting by the UK’s largest private companies – Thematic Review – February 2024
- FRC: Structured digital reporting – 2023 insights – December 2023
- FRC: Review of Corporate Governance Reporting – November 2023
- FRC: Materiality mindset for better corporate reporting – October 2023
- DBT: UK Sustainability Disclosure Standards – Guidance – August 2023
- FRC: Call for evidence: IFRS Sustainability Disclosure Standards in the UK - July 2023
- FRC Lab: Report on ESG data use and distribution – July 2023
- FRC: CRR Thematic review of climate-related metrics and targets - July 2023
- FRC Lab: Insight report – Disclosure of dividends revisited - June 2023
- FRC: Thematic Review – IFRS 13 ‘Fair value measurement’ - June 2023
- DBT: Smarter regulation non-financial reporting review – Call for evidence - May 2023
- DBT: Ethnicity pay reporting – Guidance for employers - April 2023
- BEIS: Reporting on Payment Practices and Performance Regulations 2017 – Government Consultation - January 2023
- FRC: ESG Statement of Intent: What’s Next - January 2023
- FRC: What makes a good Annual Report and Accounts – December 2022
- FRC: FRC Lab Report – Net Zero Disclosures – October 2022
- FRC: Thematic Review: Business Combinations – September 2022
- FRC: Structured digital reporting – Improving quality and usability – September 2022
- FRC: Thematic Review – Earnings per Share (IAS 33) – September 2022
- FRC: Thematic Review – Deferred Tax Assets – September 2022
- FRC: Improving ESG data production - August 2022
- FRC: CRR Thematic Review of TCFD disclosures and climate in the financial statements – July 2022
- FCA: Review of TCFD-aligned disclosures by premium listed commercial companies – July 2022
- FRC: Digital Security Risk Disclosure – Lab Report – July 2022
- FRC: Thematic review – Judgements and Estimates (Update) – July 2022
- FRC: Guidance on the Strategic Report (Updated) – June 2022
- FRC: Thematic Review – Discount Rates – May 2022
- FRC: Creating positive culture – Opportunities and challenges – December 2021
- FCA: Primary Market Bulletin No. 36 – November 2021
- FRC and FCA: Joint Letter to CEOs on structured reporting for issuers with transferable securities admitted to trading on a UK regulated market – November 2021
- BEIS: Consultation response - Mandatory climate-related financial disclosures by publicly quoted companies, large private companies, and LLPs – October 2021
- FRC: Annual Corporate Reporting Review 2020/21 – October 2021
- FRC: Key matters for 2021/22 reports and accounts – October 2021
- London Stock Exchange Group: Understanding climate risk and opportunity – Your guide to climate reporting – October 2021
- FRC: Thematic Review – IAS 37 Provisions, Contingent liabilities and Contingent assets’ – October 2021
- FRC: Thematic Review – Alternative Performance Measures (APMs) – October 2021
- FRC: Thematic Review – Viability and Going Concern – September 2021
- FRC: Thematic Review – Streamlined Energy and Carbon Reporting – September 2021
- FRC: The future of corporate reporting - Feedback Statement – July 2021
- FRC: Statement of Intent on Environmental, Social and Governance challenges – July 2021
- FCA: Enhancing climate-related disclosures by standard listed companies and seeking views on ESG topics in capital markets – CP 21/18 – June 2021
- FRC: Workforce engagement and the UK Corporate Governance Code – A review of corporate reporting and practice – May 2021
- FRC: UK Electronic Reporting - FRC Lab Survey – May 2021
- FRC: Thematic Briefing – The audit of cash flow statements – May 2021
- FRC: Thematic review: Interim reports – May 2021
- FRC: FRC announces its thematic reviews, audit areas of focus and priority sectors for 2021/22 – December 2020
- FRC: Audit Committee chairs’ views on, and approach to, audit quality – December 2020
- FRC: Review of corporate governance reporting 2020 – November 2020
- FRC: Audit firms’ going concern review – November 2020
- FRC: Thematic review into cash flow and liquidity disclosures – November 2020
- FCA: Primary Market Bulletin No.31 – November 2020
- FCA: Review of corporate governance disclosures by listed issuers – November 2020
- FRC: Summary of key developments for 2020/21 annual reports – Year end letter – November 2020
- HM Treasury: Interim report of the UK’s Joint Government Regulator TCFD Taskforce – November 2020
- FCA: PS20/14 – Delay to the implementation of the European Single Electronic Format – November 2020
- TCFD: 2020 Status Report on climate-related financial disclosures – October 2020
- FRC: Annual review of corporate reporting 2019/20 – October 2020
- FRC: Section 172 statements and tips on how to make them more useful – October 2020
- FRC AGMs – An opportunity for change – October 2020
- FRC Discussion Paper – The future of corporate reporting – October 2020
- FRC Video in corporate reporting – October 2020
- FRC Editorial updates to 2018 Guidance on the Strategic Report – May 2020
- FRC Board Diversity Reporting – September 2018
- FRC Frequently Asked Questions on Non-Financial Reporting – December 2017
- FRC Non-Financial Reporting Directive Factsheet – July 2017
- FRC Corporate Reporting Thematic Review: Alternative Performance Measures – November 2016
- FRC Improving the Statement of Cash Flows – October 2016
- FRC Guidance to preparers of 2016 annual reports of listed companies – September 2016
- FRC Reminders for half-yearly and annual financial reports following the EU referendum – July 2016
- FRC Guidance on the Going Concern Basis of Accounting and Reporting on Solvency and Liquidity Risks: Guidance for directors of companies that do not apply The UK Corporate Governance Code – April 2016
- FRC Letter to audit committee chairs providing guidance on reporting on volatility and uncertainty in annual reports – March 2016
Financial Reporting Lab Reports
- FRC: Lab Insights – Supply Chain Disclosure – April 2022
- FRC: Taskforce on Climate-related Financial Disclosures (TCFD) - ahead of mandatory reporting: Developing practice – October 2021
- FRC: Lab Report on Structured Reporting – Applying DTR 4.1.14 and ESEF – October 2021
- FRC: FRC Lab Report – Reporting on risks, uncertainties, opportunities and scenarios – September 2021
- FRC: Reporting on stakeholders, decisions and Section 172 – July 2021
- FRC: Going concern, risk and viability COVID-19 and Reporting in times of uncertainty - a look forward – October 2020
- FRC: Resources, action, the future COVID-19 and Reporting in times of uncertainty - a look forward – October 2020
- FRC: Section 172 statements and how to make them more useful – October 2020
- FRC: Financial Reporting Lab Report – Climate Thematic – November 2020
- FRC: Financial Reporting Lab Report – Video in corporate reporting – October 2020
- Financial Reporting Lab Workforce-related corporate reporting; Where to next? – January 2020
- Financial Reporting Lab Workforce-related corporate reporting; Questions for companies – January 2020
- Financial Reporting Lab Climate-related corporate reporting: Questions for companies – October 2019
- Financial Reporting Lab Climate-related corporate reporting: Where to next? – October 2019
- FRC Financial reporting lab Disclosures on the sources and uses of cash – September 2019
- Financial Reporting Lab Artificial Intelligence and corporate reporting - How does it measure up? – January 2019
- Financial Reporting Lab Business Model Reporting; Risk and Viability Reporting - Where are we now? – October 2018
- Financial Reporting Lab Reporting of Performance Metrics – June 2018
- Financial Reporting Lab Risk and viability reporting – November 2017
- Financial Reporting Lab Disclosure of dividends - policy and practice – October 2017
- Financial Reporting Lab Digital Future: A framework for future digital reporting – May 2017
- Financial Reporting Lab Lab case study report: WM Morrison Supermarkets PLC - Supplier relationships and emergent issues reporting – January 2017
- Financial Reporting Lab Lab implementation study: Disclosure of dividends - policy and practice – December 2016
- Financial Reporting Lab Business model reporting – October 2016
- Financial Reporting Lab Call for participation – Your opportunity to get involved in the Digital Future – June 2016
- Financial Reporting Lab Disclosure of dividends: policy and practice – November 2015
- Financial Reporting Lab William Hill accounting policies – February 2015
- Financial Reporting Lab Towards clear & concise reporting – August 2014
- Financial Reporting Lab Accounting policies and integration of related financial information – July 2014
- Financial Reporting Lab Reporting of audit committees – October 2013
- Financial Reporting Lab Reporting of pay and performance – March 2013
- Financial Reporting Lab Presentation of Market Risk Disclosures – February 2013
- Financial Reporting Lab Debt terms and maturity tables – November 2012
- Financial Reporting Lab Operating and investing cash flows – November 2012
- Financial Reporting Lab Net debt reconciliations – September 2012
- Financial Reporting Lab A single figure for remuneration – June 2012
Other developments
- FRC: Report on barriers to competition in UK audit market – February 2024
- FRC: Audit market and competition developments – Snapshot – December 2023
- BEIS: Government response to White paper on restoring trust in audit and corporate governance – June 2022
- BEIS: Consultation on requiring mandatory climate-related financial disclosures by publicly quoted companies, large private companies and large limited liability partnerships – March 2021
- BEIS: Restoring trust in audit and corporate governance – Consultation on the government’s proposals – March 2021
- BEIS: Updated policy paper on the UK government’s position on the effect of the ESEF Regulation – December 2020
- FCA: PS20/14 – Delay to the implementation of the European Single Electronic Format (ESEF) – November 2020
- FSB Task force on Climate-related Disclosures - 2019 Status Report – June 2019
- PLSA What do companies' annual reports tell us about their workers? – November 2017
- Home Office Transparency in supply chains etc. - A practical guide – October 2017
- BEIS Streamlined Energy and Carbon Reporting: Raising awareness, reducing bills, saving carbon – October 2017
- Recommendations of the Task Force on Climate-related Financial Disclosures – June 2017
- Investment Association Long Term reporting guidance – May 2017
- Equality Act 2010 (Gender Pay Gap Information) Regulations 2017 – December 2016
- BEIS Duty to Report on Payment Practices and Performance: Government response and draft regulations – December 2016
- IA Guidelines on Viability Statements – November 2016
- IA Public Position Statement: Quarterly Reporting and Quarterly Earnings Guidance – November 2016
- EHRC Business and human rights – A five-step guide for company boards – May 2016
- Government Equalities Office Mandatory Gender Pay Gap Reporting – February 2016
- BIS Consultation on the implementation of the Non-Financial Reporting Directive – February 2016
- ICAEW Guidance on corporate reporting – January 2016
- ESMA Guidelines on alternative performance measures – October 2015
- Government Equalities Office Closing the Gender Pay Gap - Government Consultation – July 2015
- Home Office response on modern slavery and supply chains – July 2015
- ICGN Viewpoint report “Human rights through a corporate lens” – April 2015
- ICSA Guidance note on good practice for annual reports – April 2015
- ICSA Guidance note on contents list for the annual report of a UK company – April 2015
- UN Guiding Principles Reporting Framework for human rights reporting – February 2015
- Home Office Consultation on the transparency in supply chains clause in the Modern Slavery Bill – February 2015
