Phil Fitz-Gerald outlines the key findings from the Financial Reporting Lab's reports on reporting in times of uncertainty and s172 disclosures.
The quality of a company’s response during a crisis will determine its ability to survive. Companies have had to adapt and, in many cases, make changes to their business model. The actions taken need to be clearly communicated to investors and other stakeholders, not just in annual reports but also potentially, in more timely updates to the market.
The Financial Reporting Council’s Financial Reporting Lab (the Lab), like others, changed its focus in response to the pandemic. In March 2020, alongside a joint regulatory statement from the Financial Reporting Council, Prudential Regulation Authority and Financial Conduct Authority, the Lab released an infographic highlighting the key information investors want to understand in the face of the pandemic.