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LATEST NEWS & EVENTS Corporate reporting 'must focus on strategic risks'  Businesses may need more help from corporate legal services to ensure they are reporting risks properly, after the Financial Reporting Council (FRC) warned companies are being "indiscriminate". In two reports released today (September 1st), the council says companies need to improve the way they report to investors by focusing on strategic and major operational risks. The Turnbull Guidance will be updated and the council will also look at changing the UK Corporate Governance Code based on its findings. FRC chief executive Stephen Haddrill said: "We hope that by putting an emphasis on the reporting of risks that could undermine the company's strategy or long-term viability, companies will give investors the information they need to help them decide how to allocate capital." It follows proposals from the FRC and the government to simplify the corporate and financial reporting of micro-entities. Under the plans, the UK's smallest businesses would only be required to file a simplified Trading Statement, in place of the current Profit and Loss account, a simplified Statement of Position and a simplified Annual Return. Posted by Alex McLean 
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