The course Corporate Governance has now been updated and author Lisa Weaver is telling us about these changes in her blog.
In September 2014, the Financial Reporting Council (FRC) issues a revised version of the UK Corporate Governance Code (the Code), which applies to accounting periods beginning on or after 1 October 2014.
The FRC consulted on a number of proposed amendments to the Code earlier in the year, with feedback being sought in respect of matters including directors' remuneration, shareholder engagement, disclosure of going concern issues, and monitoring and reporting on risk management and internal controls.
As a result of the consultation, several changes have been made to the Code. The most notable changes relate to how the directors report on their assessment of the principal risks facing the company, and the extent to which the assessment of going concern has been carried out, including a statement of the expectation that the company will continue in operation. The changes are unlikely to have a significant impact on the risk assessment activities themselves, but directors may need to give consideration to the amount and detail of the information that is disclosed to ensure it adheres to the principles of the Code.
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