Keeping up good work
2 Jun 08
The Financial Reporting Council plans to continue focusing on its key themes after stakeholders expressed confidence in its work in 2007/08
The FRC’s plan and budget for 2008/09 are available on the its website.
The report, which takes account of comments from stakeholders on the draft version published in January, says feedback received supported the FRC’s assessment that its overall aim, confidence in corporate reporting and governance in the UK, is currently being achieved, but that there is no room for complacency.
The key themes of the FRC’s work programme for 2008/09 are a continuation of those pursued in 2007/08:
• Leading public debate in the UK on the major issues affecting confidence in corporate reporting and governance;
• Monitoring corporate reporting and governance practices in the UK and taking enforcement action where appropriate;
• Increasing participation in the development of international standards and co-operation with international regulatory organisations; and
• Contributing to modifications in the UK regulatory regime to take account of changes in European and UK legislation.
The plan includes monitoring and implementing recommendations of the Market Participants Group, including those on mitigating the risks associated with a major firm leaving the market.
It also involves a review of the complexity and relevance of corporate reporting requirements and identifying opportunities to improve them.
Contributions to the appropriate EU adoption of IFRS will be considered to address the risk that the EU might adopt standards which prohibit UK companies from complying with internatiional financial reporting standards as published by the International Accountancy Standards Board.
It will also aim to implement a plan for the transition in the next two to three years from existing actuarial technical standards to a new book of standards based on the
conceptual framework which the BAS is in the process of finalising.
Chief executive Paul Boyle said: “We remain alert to
developments which could require us to modify our priorities, notably in relation to the implications of current credit market conditions.”