The Financial Reporting Council (‘FRC’) has recently issued a consultation paper containing draft guidance on the preparation of the new strategic report following the publication of The Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 (SI 2013/1970) (‘the Regulations’)2. The Regulations will apply to reports produced in relation to financial years ending on or after 30 September 2013 and, among other things, introduce the requirement for a ‘strategic report’ in place of the existing ‘business review’.

The FRC has requested comments by 15 November 2013 and its final guidance will, in due course, replace the Accounting Standards Board’s “Reporting Statement: Operating and Financial Review”.

FRC Exposure Draft: Guidance on the Strategic Report available at: Reporting-Policy/Exposure-Draft-Guidance-on-the-Strategic- Report.aspx