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AR are getting longer with more pages being added from 135 pages in 2015 to 185 in 2020.

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Companies are addressing issues about climate change however only 22% are fully disclosing their impact with the TCFD (task force for Climate related Financial Disclosures).

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FRC: Towards Clear and Concise Reporting, Reducing Length 

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FRC: Towards Clear and Concise Reporting, Reducing Length 

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The FRC propose various ways to reduce the length.
One way the FRC propose this is through the change of placing of the 5 year summary, by moving the 5 year summary to the annual report not only do companies reduce the page length of the annual report, they also move away from looking back and start to look towards the future, a key objective in corporate reporting.
The FRC also suggest to remove the director's remuneration policy 'when there is no change requiring a shareholders' resolution for approval'. The director's remuneration policy is increasing by an average of 5 pages per year, therefore, removal of this policy will result in clear and concise reporting.

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- Listed companies do not disclose enough information about their key stakeholders. For instance, who they are and how their interests are balanced.

- There is a need for separate reports for other stakeholders to show their needs are being met and that they have a voice in the boardroom.

- The inconsistent accounting treatment of intangibles makes corporate reporting incomparable. Policy makers such as IASB need to develop more consistent practices in this area.

- To promote effective and sustainable improvement in corporate reporting, policy makers should actively encourage experimentation with the view of gradually standardising the most appropriate practices over time.

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These APMs will also make it harder to compare with previous years and with competitors but companies use them especially in their performance section to promote themselves '93% of companies presented APMs in an up-front highlights section with 88% including an adjusted measure of profitability (Deloitte AR insights 2019). This may make the company look better however it reduces the usefulness of the report for investors.

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FRC: Towards Clear and Concise Reporting

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FRC: Towards Clear and Concise Reporting

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The FRC highlights the issue of increasing length of Annual Reports. The FTSE 100 companies sampled in this report showed an average 9% increase in page length, making it difficult to find precise information quickly for all types of users.

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There are current issues around whether corporate reporting is suitable and presented in an appropriate manner for various stakeholders. The FRC has proposed a stakeholder-neutral ‘business report’ designed to facilitate better communication with a range of users. The new proposal offers a mixture of ‘mandatory’ and ‘voluntary’ reports in order to implement four key attributes of whole–accessibility, connectivity, consistency and transparency.

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- For reports to be useful they need to be timely.
- Investors need up to date info to make decisions
- Recent report by strategic thinktank and consultancy SustainAbility, which warns that companies are wasting time and money creating sustainability reports that aren’t effective.
- some reports are seen as plagued by special language and losing sight of audience.

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The FRC are suggesting a radical change to CR because as Mark Babington said in the FT "...annual reports have become a vehicle of convenience for ever-more information. However, this has undermined their purpose and usability". this refers to CR becoming to lengthy and complex as different rules and frameworks were introduced. companies have simply incorporated everything in one report when it may be of more use to the user to spread it across more reports

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All of the Deloitte Annual Reports Insights suggest that companies are still focusing too much on financial performance through the use of APMs, KPIs and overall strategy. This has however drastically improved from only 46% of companies giving a 'clear prominent description of their purpose beyond making profits for shareholders' in 2019 to 78% in 2020.

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"At least nine different definitions of operating profits were identified in a sample of 100 companies analysed by the IASB." Financial reporting is currently making it difficult for investors to make decisions and make comparisons between different firms which is a key purpose for this user group of CR