The Financial Reporting Council (FRC) has released details of its thematic review of aspects of tax reporting in annual reports and accounts, which found companies need to articulate better how they account for tax uncertainties, particularly in the light of the expected introduction of new IFRS requirements in this area. In December 2015, the FRC wrote to 33 FTSE 350 companies informing them that the tax disclosures in their next annual report and accounts would be reviewed by its corporate reporting review (CRR) function on behalf of the conduct committee.
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