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The report is based on a series of individual meetings and roundtables which brought together leading chairmen, board directors and senior investors to debate the issue of board effectiveness. It draws on the contributions from these discussions and is supplemented by insights and perspectives from EY and The Investment Association.
The FRC’s September 2014 revision to the UK Corporate Governance Code is creating discussion, particularly the changes relating to risk management, internal control effectiveness and the viability statement. To help companies understand these, we ran a webcast attended by over 300 finance leaders, and conducted live opinion polls to gain an understanding of participant views. Here’re some highlights.
A thoughtful response to the 2014 Corporate Governance Code’s new viability statement requirements could bring opportunities, including enhanced business resilience, a lower cost of capital, better understanding of risk appetite, and the potential for improved financial performance.
Our new thought leadership report The viability statement: Finding opportunities in the new regulatory challenge:
- highlights the opportunities for companies if they develop a thoughtful response to the changes (whilst also meeting compliance obligations)
- provides our views on some of the issues boards and management need to consider
- suggests actions companies should take to ensure they meet the new viability statement requirements in their 2015 ARAs.
As company reporting issues are occurring with increasing regularity, EY’s 2014 Financial Reporting Outlook conference shone a searching light on the Annual Report and Accounts – and beyond.
Our XBRL Services
Over 30 regulators across the globe have mandated XBRL as their required electronic reporting format. Find out how we can help.
UK and Irish GAAP
The new financial reporting framework in the UK and Ireland is now a reality. Understanding the business and financial impacts of the change will help you resolve key issues ahead of adoption.