The Guidance is now in better shape than ever, with a new version published earlier this month (February 2026) bringing small content updates and big improvements in layout, structure and accessibility.
Looking through the new Guidance, it’s immediately far easier to navigate – it’s now split into sections which cover general principles and content requirements, rather than being structured around the different types of companies to which the Guidance applied, as previously. More colour and approachable page layouts also have a big impact on reader-friendliness.
In terms of content changes, the Guidance has been updated to reflect recently-changed corporate reporting regulations, and covers the changes introduced by The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024, which removed certain disclosure requirements from the directors’ report, and The Companies Directors’ Report (Payment Reporting) Regulations 2025, which introduced a requirement for large companies to report on supplier payment practices and performance in the directors’ report.
The updated Guidance also now makes reference to the UK Corporate Governance Code 2024, which – as many readers will know – asks boards to make a declaration in relation to the effectiveness of their material internal controls (Provision 29). A new Principle is also included in the Code which encourages companies to report on outcomes and activities.
Further small tweaks have also been made to accommodate other developments in sustainability-related and wider corporate reporting practice. Further, the Guidance now emphasises the importance of proportionate application of the legal and regulatory requirements, as appropriate to a business’ specific circumstances. Mandatory requirements are clearly indicated and distinguished from good practice guidance.
Alongside the Guidance, the FRC has published updated ‘Scoping Tables’, which outline the specific reporting requirements applicable to different types of company (e.g. listed, public interest entity, AIM, AIM with over 500 employees and so on). These – extremely useful – tables were found at the back of previous editions, but have now been released as a standalone document.
We applaud the valuable work of the FRC in this area, and recommend that anyone involved in producing a Strategic Report take a good look at the refreshed Guidance.