On 28 March 2012, the Department for Business, Innovation and Skills (‘BIS’) published the Government’s response to its September 2011 consultation on a new framework for narrative reporting. BIS reports a high-level of support for its proposals, is now working to develop these further and intends to publish draft regulations and a full impact assessment later this year. The changes, which include the proposal that the current business review and directors’ report be split into two new documents, a strategic report and an annual directors’ statement, will not now be brought into force in October this year as originally planned. The Government has deferred the implementation of the proposed changes to the narrative reporting regime until April 2013 in order to give companies time to adjust.  

BIS Government response to its consultation on the future of narrative reporting: March 2012 available at:

http://www.bis.gov.uk/assets/biscore/business-law/docs/f/12-588- future-of-narrative-reporting-government-response.pdf