The Financial Reporting Council (FRC) published its annual review of Corporate Reporting showing the quality of corporate reporting has been maintained during 2024/25 leading to a reduction in company query.

The Corporate Reporting Review (CRR) found that the number of reviews resulting in inquiries towards companies has reduced. The amount of restatements affecting profit has also reduced.

This review is meant to demonstrate the FRC’s high standards of corporate reporting due to its importance in maintaining investor confidence and aiding UK companies in their expansion. 

The report states that common areas of challenge may be identified through pre-issuance reviews, claiming it is an expectation for companies' oversight processes.

The FRC reports there is still a gap between companies in the FTSE 350 and other companies, as restatements arise in companies outside of FTSE. It is also undertaking a review on UK smaller listed companies in the following year.

The FRC says expectations remain the same for the 2025/26 review and encourages companies to improve explanations of significant estimates.