New regulations requiring a Strategic Report for all companies that are not 'small' came into effect for periods ending on or after 30 September 2013, effectively replacing the old Business Review. In addition, the Department for Business, Innovation and Skills (BIS) asked the Financial Reporting Council (FRC) to prepare non-mandatory guidance to support the new strategic report requirements and a draft of this is under consultation until 15 November. This article looks at the changes in the requirements for reporting and the FRC's proposed guidance.