On 22 February 2012, BIS updated its webpage on the future of narrative reporting consultation to state that it hopes to publish a response to the consultation in March 2012 and proposes to bring the relevant changes into force in April 2013. The consultation paper (published in September 2011) had indicated that the changes would become effective for years beginning on or after 1 October 2012. On the updated webpage BIS states that its initial analysis shows support for the proposed new structure but that several organisations had said that bringing the changes into force in October 2012 would not give companies enough time to adjust.

For further details on the September 2011 consultation, see Legal update, Narrative reporting: BIS consultation on a new framework. For details of key developments in financial and narrative reporting, see Practice note, Financial and narrative reporting: key developments tracker.

Source: BIS: The future of narrative reporting: a further consultation.