Research on preparers' use of FRS 101 Reduced Disclosure Framework

THIS IS A CONTRACT AWARD NOTICE - THIS TENDER HAS BEEN COMPLETED/AWARDED.

The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes.

The FRC is also a prescribed body for issuing accounting standards in the UK and Republic of Ireland. The FRC's overriding objective in setting accounting standards is to enable users of accounts to receive high-quality, understandable financial reporting proportionate to the size and complexity of the entity and users' information needs.

This research project will engage with UK companies to gather data about their use of a particular UK accounting standard: FRS 101 Reduced Disclosure Framework. However, the project will not require the successful contractor to have specialist knowledge of accounting.

PURPOSE AND OBJECTIVES

1. Groups applying FRS 101

The research will collect information from groups of companies that have chosen to apply FRS 101 in the preparation of UK qualifying entities' financial statements. For these groups, below is a snapshot of what we would like to know:

2. UK listed groups not applying FRS 101

The research will also engage with UK listed groups that could have chosen to apply FRS 101 in the preparation of qualifying entities' financial statements but did not do so. For these groups, below is a snapshot of what we would like to know:

The research will identify prevalent views and concerns of UK listed groups. It should therefore include a sufficient number of participants of each type to ensure that prevalent views are identified. The FRC will consider significant matters identified by the research in more detail and may seek further evidence through its own stakeholder consultation and outreach activities.

The research population will be UK groups listed on the London Stock Exchange Main Market (LSE MM - comprising FTSE 100 and FTSE 250 constituents, plus smaller main market listed entities) and the London Stock Exchange Alternative Investment Market (LSE AIM). In total this is expected to be approximately 2,000 groups. The FRC would like to collect information from across this population.

Additional information: THIS IS A CONTRACT AWARD NOTICE - THIS TENDER HAS BEEN COMPLETED/AWARDED.