FRC (Financial Reporting Council)

The Financial Reporting Council regulates financial reporting in the UK.

Its roles include:

  • Investigating cases of accounts that may not adhere to the requirements of accounting standards and the Companies Act.
  • Acting as a disciplinary body for accountants, although it only investigates cases of "public interest" referred to it by the accountancy bodies.
  • Authorising accountants' professional bodies to act as supervisory bodies for the profession and to offer professional qualifications. It also overseas these bodies.
  • Setting accounting standards
  • The oversight of actuaries and setting actuarial standards.

The standards setting part of the FRC's responsibilities are limited in scope because of the adoption of IFRSs. Its role in influencing the development of IFRSs is probably more important than its role in setting UK GAAP and the separate standards for smaller companes.

More information is available on the FRC website.

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