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UK launches review of non-financial reporting requirements

The UK Department for Business and Trade (DBT), in collaboration with the Financial Reporting Council (FRC), has issued a call for evidence to support the review of the UK’s non-financial reporting requirements.

The review aims to ensure the UK’s non-financial reporting framework continues to meet the needs of investors, stakeholders, and the economy. The review will assess the costs and benefits of current reporting requirements and explore opportunities to streamline them, taking into account the ease of compliance, production of decision-useful information, accessibility of information to stakeholders, and alignment with other regulatory rules.

The demand for non-financial information has increased over the years, as stakeholders seek more comprehensive data for decision-making that goes beyond financial returns. This review, in the wake of the UK’s exit from the EU, aims to comprehensively assess non-financial reporting, to ensure that requirements meet demands while ensuring that the information is focused, comparable, and concise.

Also central to the review is the need for the UK to be responsive to international developments in sustainability reporting standards. The International Sustainability Standards Board (ISSB)’s global sustainability reporting standards aim to enhance international comparability of sustainability information. As such, it is key for the UK to take these standards into account while developing its own non-financial reporting requirements. The UK government will undertake a formal assessment of the ISSB standards to outline compatibility and coherence with UK law later this year.

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