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Amended Large Company Reporting Requirements

26 January 2017

Amended Large Company Reporting Requirements

New regulations are in place to implement Directive 2014/95/EU, which contains amendments regarding the disclosure of non-financial and diversity information by certain large undertakings and groups.
What is the new legislation:
Companies, Partnerships and Groups (Accounts and Non-Financial Reporting) Regulations SI 2016/1245
What is the amended legislation
New legislation
Who does this affect: England, Wales, Scotland, Northern Ireland
When does this change take place: 26th December 2016
These regulations add new provisions that set out the required content of a strategic report:

  • add new provisions that require companies and groups of certain types, which are not small or medium-size, and which have more than 500 employees in a financial year, to produce a non-financial statement as part of their strategic report (although that does not apply to a company which is a subsidiary undertaking if that company and its subsidiary undertakings are included in a group strategic report which complies with the requirements of the provisions, or in a consolidated management report of an EEA undertaking which complies with the new requirements);
  • specify the requirements for the contents of the non-financial information statement, which includes environmental matters.

The full text of the Regulations may be found here.
Source: http://www.legislation.gov.uk