Companies are cluttering up their annual reports with waffle about their social responsibilities while two-thirds are still not meeting the spirit of requirements to report on the real risks facing their businesses, according to the accounting watchdog.

The report, by the Financial Reporting Council, called on companies to be straightforward if they do not have social issues material to their businesses after it found one that detailed its donation of "chocolate gifts" to the community in its corporate social responsibility section while another dwelt on its football coaching.