In recent years, businesses have had to deal with a period of heightened volatility as a result of significant economic and geopolitical disruption. While there has recently been improvement in some local economic factors, an ongoing state of high uncertainty has become the ‘new normal’, and low economic growth persists in many economies. Corporate reporting must continue to reflect how uncertainties are impacting on an entity. The climate emergency continues to impact businesses around the world, with investors increasingly demanding that companies are cleaner, greener and more sustainable. Reporting on climate-related and broader sustainability matters is an area of continuing focus, and expected to become equally as important as financial reporting.
Corporate reporting considerations resulting from this ‘new normal’ environment and shift in
investor focus are likely to be far reaching. In this guide we identify areas which may commonly
require particular attention in the upcoming reporting season. It is not intended to be a
comprehensive list and the issues that entities face will depend on their individual facts and
circumstances.

UK GAAP
There are no new amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland applicable for the first time in accounting periods beginning in 2024. However, preparers may want to consider whether to early-adopt amendments that are mandatory for annual periods beginning in 2025 and beyond. Such amendments include updates to Section 7 Statement of Cash Flows that add new disclosure requirements to provide users with information to assess the effect of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk.

SUSTAINABILITY REPORTING
There have been no new sustainability reporting requirements introduced in 2024 by UK legislation for accounting periods beginning in 2024. However, the sustainability reporting landscape is fast evolving, with potential new requirements on the horizon. Entities should perform a sufficiently critical review of the annual report and accounts, including taking a step back to consider whether the report as a whole is clear, concise and understandable, includes only (and all) material and relevant information, and is consistent and coherent throughout.
The FRC has summarised the “top ten” most common topics on which they raised substantive questions with companies in the 2023/24 monitoring cycle. Several topics from the FRC's "top ten" and this year’s thematic reviews have been considered. These include areas requiring significant judgment, particularly in light of ongoing economic uncertainty and low growth, and/or topics where the FRC persistently identify errors.