Britain’s accounting regulator today released plans to force UK firms to make more detailed anti-corruption disclosures in their financial statements.
The Financial Reporting Council (FRC) published a consultation on amending guidelines previously issued in 2014 that stipulate what should be in the narrative section of annual reports.
The watchdog wants firms to “tell the story” behind profit and loss accounts and balance sheets.
The proposals will make large companies bulk up detail on “environment, employees, social matters, respect for human rights and anti-corruption and anti-bribery matters”.
FRC executive director of corporate governance and reporting Paul George said: “High-quality reporting enhances transparency and trust in business.
The proposed amendments… encourage business to consider the impact of their activities on stakeholders and the factors that contribute to the success of the company over the longer term.
The consultation closes on 24 October.