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Firms ‘Embracing’ New Reporting Measures

Firms ‘Embracing’ New Reporting Measures

Many companies have embraced new strategic report measures well ahead of their mandatory implementation, according to research by Deloitte. The coming year will see the old business review format replaced by a new strategic report which has only just come into effect for 30 September 2013 year-ends. Companies who have not yet started preparing for the narrative reporting changes are advised to speak to employment law specialists.

Energy Emissions and Gender Diversity among Employment Law Changes

Deloitte’s latest annual report survey found that 42% of firms are already disclosing limited numbers on greenhouse gas emissions, while 21% are providing employee gender diversity statistics. Risk and uncertainty reporting was also found to be maturing, with 83% clearly disclosing principal risks and 91% discussing mitigating activities. And just 5% were judged to have provided only the basic “boilerplate” list of principal risks and uncertainties. Veronica Poole, UK national head of accounting at Deloitte, said:

“It is encouraging to see many companies making real efforts to tell their story and bring the numbers in their financial statements to life. “In going above and beyond the requirements and implementing changes ahead of schedule, companies see the annual report as much more than just a compliance exercise. There are many changes facing reporters this year, including the new strategic report, increased reporting by audit committees and significantly changed directors’ remuneration reports; some of these are complex and companies will need to be alert to stay one step ahead. “But as the results of the survey suggest, for the best reporters that already communicate effectively with stakeholders embracing the changes will be more of an evolution than a revolution.”

Our employment lawyers provide advice on the employment aspects of all major business decisions. For advice, contact a member of the team, call us on 01895 207892 or email employment@ibblaw.co.uk.