The Financial Reporting Council (FRC) has published its first combined annual report since its eight regulatory bodies into one, a move which it says has strengthened its approach to corporate governance.

FRC chairman Baroness Hogg said: 'Reform has enabled the FRC Board to work more effectively with the market. The FRC has raised its game and created a greater focus on its primary task - trying to ensure that investors in the capital markets have what they need: effective boards; useful annual reports and accounts; easily comparable standards and good audit and actuarial standards.'

In its annual report for 2012/13, the FRC lays out its key priorities for the year ahead. These include finalising and implementing the recommendations of the Sharman panel's going concern guidance, and code requirements on risk management and guidance for directors on narrative reporting. It also wants to form a stronger partnership with other regulators to address the risks arising from actuarial work.

The FRC signals its intention to continue to lead debates at European level on key issues including long termism, audit tendering, non-audit services, IFRS endorsement and the company law action plan. It also wants to use its Financial Reporting Lab to provide practical help to make annual reports more relevant, concise and free of clutter.

FRC chief executive Stephen Haddrill said: 'We have a full and challenging agenda to anticipate and respond to developments in product and capital markets. Our focus on Europe will continue to grow as we seek to influence further the debates in Brussels in the run up to and beyond next year's parliamentary elections and change of Commission, especially on long-term finance, audit rotation and the importance of a stewardship approach.'