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U.K. Proposing to Name Companies Ordered to Make Significant Corrections to Financial Statements

Roberta Holland | May 28, 2014

The United Kingdom regulator in charge of corporate reporting wants to boost its transparency efforts by adding to its annual report the names of companies that have been asked to make significant corrections in their financial reports.

The Financial Reporting Council (FRC), which oversees financial reporting and corporate governance in the U.K., is proposing to refine its operating procedures for reviewing corporate reporting to include the enhanced disclosure. The details of the revisions were contained in a consultation paper released by the regulator last month.

FRC's Conduct Committee reviews about 250 reports and accounts each year, writing to roughly half of those companies with questions about their financial reporting. While it can ask the court to compel companies to remedy non-compliant reporting, the Conduct Committee...

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