The evolution of corporate reporting rules has added to the administrative burden and the government wants to refresh and rationalise current reporting requirements so that the UK’s non-financial reporting framework is ‘fit for purpose and delivers decision-useful information to the market’.

The joint Department for Business and Trade (DBT) and Financial Reporting Council (FRC) is conducting a review of the non-financial reporting requirements UK companies need to comply with to produce their annual report and to meet broader requirements that sit outside of the Companies Act.