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The 2026 reporting season has been one of the most demanding in recent memory — new UK Corporate Governance Code provisions, sustainability reporting standards arriving, iXBRL quality under the microscope, and regulators with heightened expectations.

Despite this growing complexity, the FRC reporting review suggests that “the quality of corporate reporting across FTSE 350 companies has been maintained”. It’s clear, though, that the gap between the best reporting and the rest remains real, and the bar for 2027 is rising.

This, then, is a good moment to take stock — to explore what worked in corporate reporting in 2026, where the pressure points were, and what CoSecs and FDs should be doing differently before next year’s cycle begins.

What the FRC Reporting Review Said — and What It Means For You

The FRC’s 2024/25 Annual Review of Corporate Reporting (the most recent at the time of writing) confirmed that FTSE 350 reporting quality has been maintained. However, it also identified persistent weaknesses and a continuing quality gap between FTSE 350 companies and smaller listed companies.

The Financial Reporting Council flagged three priority areas for corporate reporting in 2025/26:

1. Pre-issuance checks — robust internal reviews are needed to catch technical issues before publication
2. Judgements, risks and uncertainties — disclosures must be specific, consistent, and explain the rationale; generic descriptions continue to generate queries
3. Narrative reporting — strategic reports still need to be more balanced, comprehensive, and entity-specific

The FRC’s 2024/25 Review (published November 2025) reviewed current practice against the 2018 Corporate Governance Code for the last time before transitioning to the 2024 Code.

It noted that the Code’s flexibility (for instance, in allowing companies to determine which of their controls are “material”) is one of its plus points, and found that companies reporting departures from Code provisions are increasingly providing clear, meaningful and context-specific explanations for their approach. This narrative reporting best practice is something all companies should seek to apply in the 2026/7 reporting season.

The First Year of Provision 29: What Have We Learned?

Provision 29 of the UK Corporate Governance Code is widely described by governance advisers as the most significant change to UK governance disclosure in over a decade. 2026 was year one of mandatory compliance for many companies — so what have we learned? 

Early evidence suggests the companies that coped best were those that treated it as a governance discipline rather than a compliance deadline. They mapped controls early, clarified what “material” meant in their specific context for the material controls declaration, and built board accountability into the process throughout the year, not just at year-end.

The companies that struggled with the new requirements were those that left it late, those that relied on boilerplate language, or who failed to join up the Provision 29 statement with what the auditor’s report was saying (the FRC has now tightened the connection between the two).

So, what will the FRC be looking for in 2027? Second-year reporting will attract more scrutiny, with consistency, evidence and coherence the things that matter now.

Sustainability Reporting Standards — Getting Ahead of Mandatory Reporting

The UK Sustainability Reporting Standards (UK SRS S1 and S2) were published for voluntary use in February 2026. 

The FCA has consulted and is expected to confirm mandatory UK SRS S2 reporting for listed companies from 1 January 2027, with its Policy Statement due autumn 2026.

Companies that have been voluntarily reporting against Task Force on Climate-related Financial Disclosures (TCFD) requirements won’t find the new obligations too different — although do not underestimate the gap between TCFD-aligned reporting and full UK SRS compliance. Deloitte’s analysis of the first 30 FTSE 100 reporters highlights key differences between existing TCFD-aligned disclosures and what UK SRS S2 will require; a gap worth assessing now rather than when the rules are confirmed.

The window to get ahead of mandatory reporting is closing: the FCA’s final rules are expected in autumn 2026, leaving limited time to close gaps before the first mandatory reporting year. 

iXBRL — Still a Work in Progress

The FRC’s 2025/26 structured digital reporting review — covering 30 companies’ iXBRL filings — found that while most are broadly compliant, common and avoidable errors persist. Among them, inconsistent tagging depth, EPS scaling mistakes, unresolved validation warnings, and reports not published on company websites with a viewer.

Because institutional investors (and AI tools) are increasingly consuming machine-readable data rather than the PDF, poor tagging undermines your report’s visibility and the way your company is viewed and compared.

When looking ahead to 2027, companies should treat iXBRL as part of the reporting process, not a final-step to bolt-on. You should ensure you build in sufficient review time, and take the time to double-check your NSM filing went through.

Practical Actions for Businesses Approaching 2027 Reporting

It’s fair to conclude that 2026 has been a year of “holding the line” on corporate reporting, while absorbing significant change. In contrast, 2027 will require companies to go further — on controls disclosure, sustainability, and digital reporting quality simultaneously.

The reporting teams that will be best placed to manage this evolution are the ones starting to plan now, not in Q4.

Working with specialists who understand the full corporate reporting landscape — and can help teams navigate a more demanding reporting environment — can be the point of difference. Perivan’s Annual Report Design, Production & ESG Reporting capabilities support businesses in producing professionally designed annual and sustainability reports. Our experience in creating reporting that helps listed companies to connect with investors and stakeholders will position you strongly when you face evolving reporting requirements. 

Take learnings from the 2026 reporting season and look forward to best practice reporting in 2027. Read more about Perivan’s corporate reporting services, and contact us to find out how we can help you to take the stress out of the corporate reporting process.