Award

Research on preparers' use of FRS 101 Reduced Disclosure Framework

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 2 releases in its history.

Award

17 May 2024 at 17:53

Award Notice
Tender

19 Mar 2024 at 14:17

Tender Notice
Summary of the contracting process

The Financial Reporting Council (FRC) has awarded a contract for a research project titled "Research on preparers' use of FRS 101 Reduced Disclosure Framework" to CM Monitor (Britain Thinks) Ltd. The project aims to collect data from UK companies regarding their use of the UK accounting standard FRS 101. The contract, valued at £56,500, has a start date of May 20, 2024, and an end date of September 30, 2024. The procurement method used was an open procedure below the threshold.

This tender offers business growth opportunities for research and development services providers and consultancy firms interested in the financial reporting sector. Small and medium-sized enterprises (SMEs) and voluntary, community, and social enterprise (VCSE) organisations are well-suited to compete for this opportunity. The tender, issued by the FRC, focuses on engaging with UK-listed groups and aims to understand their use of the FRS 101 accounting standard, providing insightful data for further regulatory decisions by the FRC.

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Notice Information

Notice Title

Research on preparers' use of FRS 101 Reduced Disclosure Framework

Notice Description

THIS IS A CONTRACT AWARD NOTICE - THIS TENDER HAS BEEN COMPLETED/AWARDED. The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. The FRC is also a prescribed body for issuing accounting standards in the UK and Republic of Ireland. The FRC's overriding objective in setting accounting standards is to enable users of accounts to receive high-quality, understandable financial reporting proportionate to the size and complexity of the entity and users' information needs. This research project will engage with UK companies to gather data about their use of a particular UK accounting standard: FRS 101 Reduced Disclosure Framework. However, the project will not require the successful contractor to have specialist knowledge of accounting. PURPOSE AND OBJECTIVES (1) Groups applying FRS 101 The research will collect information from groups of companies that have chosen to apply FRS 101 in the preparation of UK qualifying entities' financial statements. For these groups, below is a snapshot of what we would like to know: a) the most significant reasons for preparers' choice to apply FRS 101 to the financial statements of qualifying group entities, and who (i.e. which job function) made this decision; b) which of the FRS 101 disclosure exemptions preparers consider to be useful, less useful, and why; (2) UK listed groups not applying FRS 101 The research will also engage with UK listed groups that could have chosen to apply FRS 101 in the preparation of qualifying entities' financial statements but did not do so. For these groups, below is a snapshot of what we would like to know: a) the most significant reasons why UK listed groups choose not to apply FRS 101, and who (which job function) makes this decision; b) what, if any, changes to FRS 101 would make these preparers likely to consider applying FRS 101 in the future and why these changes would be beneficial; and The research will identify prevalent views and concerns of UK listed groups. It should therefore include a sufficient number of participants of each type to ensure that prevalent views are identified. The FRC will consider significant matters identified by the research in more detail and may seek further evidence through its own stakeholder consultation and outreach activities. The research population will be UK groups listed on the London Stock Exchange Main Market (LSE MM - comprising FTSE 100 and FTSE 250 constituents, plus smaller main market listed entities) and the London Stock Exchange Alternative Investment Market (LSE AIM). In total this is expected to be approximately 2,000 groups. The FRC would like to collect information from across this population. Additional information: THIS IS A CONTRACT AWARD NOTICE - THIS TENDER HAS BEEN COMPLETED/AWARDED.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-96eb0274-aa11-4337-bc3c-f23b34a04ecd
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/fc6ce8dd-7cf6-41ec-888f-7cce09d77533
Current Stage
Award
All Stages
Tender, Award

Procurement Classification

Notice Type
Award Notice
Procurement Type
Standard
Procurement Category
Services
Procurement Method
Open
Procurement Method Details
Open procedure (below threshold)
Tender Suitability
SME, VCSE
Awardee Scale
SME

Common Procurement Vocabulary (CPV)

CPV Divisions

73 - Research and development services and related consultancy services

CPV Codes

73000000 - Research and development services and related consultancy services

Notice Value(s)

Tender Value
£42,000 Under £100K
Lots Value
Not specified
Awards Value
£56,500 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
17 May 20241 years ago
Submission Deadline
11 Apr 2024Expired
Future Notice Date
Not specified
Award Date
16 May 20241 years ago
Contract Period
19 May 2024 - 30 Sep 2024 1-6 months
Recurrence
Not specified

Notice Status

Tender Status
Complete
Lots Status
Not Specified
Awards Status
Active
Contracts Status
Not Specified

Buyer & Supplier

Contracting Authority (Buyer)

Main Buyer
THE FINANCIAL REPORTING COUNCIL LIMITED
Contact Name
Available with D3 Tenders Premium →
Contact Email
Available with D3 Tenders Premium →
Contact Phone
Available with D3 Tenders Premium →

Buyer Location

Locality
LONDON
Postcode
EC2Y 5AS
Post Town
Central London
Country
England
Major Region (ITL 1)
TLI London
Basic Region (ITL 2)
TLI3 Inner London - West
Small Region (ITL 3)
TLI35 Westminster and City of London
Delivery Location
Not specified
Local Authority
City of London
Electoral Ward
Bassishaw
Westminster Constituency
Cities of London and Westminster

Supplier Information

Number of Suppliers
1
Supplier Name

CM MONITOR (BRITAIN THINKS) LTD T/A THINKS INSIGHT & STRATEG

Further Information

Notice URLs

Open Contracting Data Standard (OCDS)

View full OCDS Record for this contracting process

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The Open Contracting Data Standard (OCDS) is a framework designed to increase transparency and access to public procurement data in the public sector. It is widely used by governments and organisations worldwide to report on procurement processes and contracts. 

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