Volunteer Opportunity Details


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Consultation working group - FRC's discussion paper on the future of corporate reporting

Signup Deadline: 04-12-2020
Starts: 08-12-2020
Ends: 31-01-2021

Description:

No of Member Volunteers required

Up to 8

Timeframe and Commitment

16-20 hours during November 2020 – January 2021



The Financial Reporting Council (FRC) has published a discussion paper inviting comments on what shape and content corporate reporting should have today. 

The discussion paper proposes a “radical overhaul” to establish a new regime fit for purpose until 2030 which would completely overhaul the current familiar, paper-based annual report.  The FRC proposes a more “agile” system in which “less is more”, with greater use of digital data, a wider focus on a company’s “value creation” rather than just its financial performance and one which businesses can adapt to suit their own specific circumstances. The FRC aims to reshape the content of corporate reporting to meet the demands of a wider set of stakeholders through a ‘network structure’ of separated but inter-connected reports.  If enacted, these proposals when taken together will serve to completely change the current corporate reporting regime in the UK.

CFA UK aims to bring together a working group to respond to the proposals by the deadline of 5th February 2021.  This timescale may allow sufficient time for the working group to design a survey for CFA UK membership to provide their collective view on the relevant issues.

The purpose and activity of this working group is to:

  • Author a letter to the FRC responding to their proposals and to the 12 questions set out in the Discussion Paper
  • Reflect the views of CFA UK’s members and the investment profession in that response
  • Work closely with CFA Institute’s Corporate Reporting team to ensure strong and consistent messaging from CFA Institute

Who are CFA UK looking for?

  • Members who are day-to-day users of corporate financial statements
  • A diverse Working Group across different industry sectors, asset classes and geographies
  • Strong writing and communication skills
  • Availability for 16-20 hrs in total during Q4 2020 & Q1 2021 (split approximately 40% in virtual meetings and 60% in preparation)

What will you get out of it?

  • Purposeful participation in a group looking to influence the long-term shape of corporate reporting in the UK
  • Networking with and benefiting from the professional experience of other CFA UK members
  • Potential outreach meeting with the consultation team at the FRC
  • Opportunity to present your findings to CFA UK’s Professionalism Steering Committee

Compliance Notes:

  • Group members should seek prior compliance clearance from their employers
  • Members will participate in a personal capacity and not as representatives of their employer

Volunteers Needed:

8 (8 open slots)

Experience Required:

1 to 3 Years Industry Experience

Contact:

Marissa Charles