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Financial Reporting Council

Thematic review · October 2025

IFRS 2 disclosure review

Annual report extracts alongside the Financial Reporting Council’s assessment.

Independent report of FRC findings

Named annual-report examples

Explore UK annual report examples of IFRS 2 share-based payment disclosures, including practical approaches to valuation, settlement and group reporting.

Scope: Valuation by scheme

Oxford Biomedica

Oxford Biomedica 2024 annual report cover — 2024 annual report

The policy sets out which valuation models it uses for options, Sharesave, LTIPs and deferred bonus plans. — Original annual-report extract

Source: 2024 annual report, p. 124 FRC review

Scope: Cash-settled awards

M&C Saatchi

M&C Saatchi 2024 annual report cover — 2024 annual report

The policy describes recognition and subsequent revaluation of its cash-settled liability. — Original annual-report extract

Source: 2024 annual report, p. 144 FRC review

Scope: Parent-company accounts

Intertek

Intertek 2024 annual report cover — 2024 annual report

The investment-in-subsidiaries reconciliation shows a £24.4m addition for share-based payments and £14.7m of recharges in 2024. — Original annual-report extract

Source: 2024 annual report, p. 3.54 FRC review

Scope: Employee benefit trust

Spire Healthcare

Spire Healthcare 2024 annual report cover — 2024 annual report

The note describes 1,312,000 shares purchased, 1,235,976 transferred and the purpose of the trust share reserve. — Original annual-report extract

Source: 2024 annual report, p. 155 FRC review

Scope: Deferred tax in equity

Next 15

Next 15 2025 annual report cover — 2025 annual report

The policy shows how deferred tax is allocated between profit and equity. — Original annual-report extract

Source: 2025 annual report, p. 130 FRC review

Scope: Employer National Insurance

Bloomsbury Publishing

Bloomsbury Publishing 2025 annual report cover — 2025 annual report

The note reports a £0.5m National Insurance accrual and a 697p weighted average share price at exercise. — Original annual-report extract

Source: 2025 annual report, p. 184 FRC review

Scope: Grouping similar schemes

Barclays

Barclays 2024 annual report cover — 2024 annual report

The Deferred Share Value Plan refers to the Share Value Plan terms and specifies its exceptions. — Original annual-report extract

Source: 2024 annual report, p. 508 FRC review

Scope: Grouping with a separate exception

Billington Holdings

Billington Holdings 2024 annual report cover — 2024 annual report

The note groups shared option terms and separately explains the LTIP growth targets. — Original annual-report extract

Source: 2024 annual report, p. 69 FRC review

Scope: Remuneration report cross-reference

accesso Technology

accesso Technology 2024 annual report cover — 2024 annual report

The note directs readers to the directors’ remuneration report for award vesting conditions. — Original annual-report extract

Source: 2024 annual report, p. 107 FRC review

Scope: IFRS 2 or IFRS 9

M&C Saatchi

M&C Saatchi 2024 annual report cover — 2024 annual report

The policy explains which subsidiary put options fall under IFRS 2 or IFRS 9. — Original annual-report extract

Source: 2024 annual report, pp. 143–144 FRC review

Scope: Excluding the charge from adjusted EBITDA

Auction Technology Group

Auction Technology Group 2024 annual report cover — 2024 annual report

The note explains the effects of IPO and acquisition awards on adjusted EBITDA. — Original annual-report extract

Source: 2024 annual report, p. 154 FRC review

Scope: Putting the charge back into the measure

Bytes Technology

Bytes Technology 2025 annual report cover — 2025 annual report

The report explains its shift from adjusted operating profit to operating profit. — Original annual-report extract

Source: 2025 annual report, p. 30 FRC review

Scope: Share-based payment reserve

Hunting

Hunting 2024 annual report cover — 2024 annual report

The note describes the share-based payment reserve and the transfer to retained earnings on exercise. — Original annual-report extract

Source: 2024 annual report, p. 228 FRC review