Award

Research Services - Analysing trends in annual report language and content

THE FINANCIAL REPORTING COUNCIL LIMITED

This public procurement record has 2 releases in its history.

Award

17 Oct 2023 at 15:38

Award Notice
Tender

24 Jul 2023 at 13:34

Tender Notice
Summary of the contracting process

The Financial Reporting Council (FRC) Limited has awarded a contract for Research Services - Analyzing trends in annual report language and content. The project aims to investigate various aspects of annual reports, such as boilerplate content, risk disclosures, and forward-looking language. The contract's value is £37,950, with a start date of October 17, 2023, and completion by March 31, 2024. The buying organisation is seeking to enhance transparency and integrity in business through this research, focusing on FTSE 350 listed companies' annual reporting trends.

This tender provides an opportunity for businesses involved in research and development services and related consultancy services to engage with the FRC. Small and medium-sized enterprises (SMEs) and voluntary, community, and social enterprises (VCSEs) are encouraged to participate. Interested parties should review the tender documents, observe the timelines, and register their interest through the provided contact details. By engaging in this project, businesses can contribute to the understanding of annual reporting practices and potentially collaborate with the FRC in advancing reporting standards in the UK corporate landscape.

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Notice Information

Notice Title

Research Services - Analysing trends in annual report language and content

Notice Description

***THIS IS A CONTRACT AWARD NOTICE*** Background and Context The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes. We seek to promote transparency and integrity in business; our work is aimed at investors and others who rely on company accounts, audit, and high-quality risk management. As the Competent Authority for audit in the UK, the FRC sets auditing and ethical standards and monitors and enforces audit quality. The FRC Lab ('the Lab') provides an environment where investors and companies can come together to develop pragmatic solutions to today's reporting needs: * As a learning space, companies can use the Lab to test new reporting formats with investors, and investors can indicate areas where management can add greater value through the information they provide. * As a hub to support innovation in reporting, the Lab's focus on gathering and sharing evidence from the market provides the broader corporate community with feedback from shareholders on the value that new reporting formats bring. The FRC Lab commissioned research which will add to the understanding of recent trends in annual reports and how these impact the length and usefulness of reporting. PURPOSE AND OBJECTIVES The aim of this research project is to answer the following sets of questions: * How much (and which parts) of the annual report is 'boiler plate', static, or changing over time? * How have risk disclosures in annual reports changed over time (including the average time for a given risk to crystallise and then subsequently be removed from reporting)? Which risks are identified and disclosed most frequently across all companies, and categories of companies (e.g. sizes, sectors)? * How consistent are business model-related disclosures over time? How often do these disclosures change significantly? How much is 'boiler plate'? To what extent are business model-related disclosures consistent with the financial statements (including segmental and other 'back half' disclosures)? * How much forward-looking / strategic language exists in the annual report and accounts compared to backward-looking language? How is this split relatively between subsections of the annual report and accounts? * How have annual reports and accounts, including subsections1, increased in length and complexity over time? SCOPE This research will cover the annual reporting of all FTSE 350 listed companies; we expect trends to identified, with respect to the research questions above, based on at least five years of past reporting (2017 to 2021). ***AWARD NOTICE*** Additional information: THIS IS A CONTRACT AWARD NOTICE. THIS TENDER HAS BEEN COMPLETED.

Notice Details

Publication & Lifecycle

Open Contracting ID
ocds-b5fd17-e02f9a60-a006-4281-9139-6aac23d985b9
Publication Source
Contracts Finder
Latest Notice
https://www.contractsfinder.service.gov.uk/Notice/814bdcec-9ea0-4ffd-987b-4a9328f7c6a6
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
Large

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
£39,999 Under £100K
Lots Value
Not specified
Awards Value
£37,950 Under £100K
Contracts Value
Not specified

Notice Dates

Publication Date
17 Oct 20232 years ago
Submission Deadline
24 Aug 2023Expired
Future Notice Date
Not specified
Award Date
10 Sep 20232 years ago
Contract Period
16 Oct 2023 - 31 Mar 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

LANCASTER UNIVERSITY

Further Information

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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