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20 Aug. 2018

The FRC releases its Position Statement on External Reporting

In response to increasing demand from investors and other stakeholders for more than just financial statements, the Financial Reporting Council (FRC) has released its Position Statement on External Reporting.

The Statement sets out the need for a holistic approach to respond to increasing demand for disclosure of non-financial information, and notes that both financial and non-financial information should be subject to the same or similar frameworks and overarching principles.

The Chairs of the FRC, the AASB and the AUASB encourage feedback on how external reporting and related credibility enhancement mechanisms should be encouraged in Australia as they continue monitoring and contributing to the development and evolution of external reporting in Australia and internationally.