One role of the FRC is to issue accounting standards. It is recognised for that purpose under the Companies Act 1985. The FRC took over the role in July 2012 following its reorganistion from the ASB. The ASB took over the task of setting accounting standards from the Accounting Standards Committee (ASC) in 1990.
The FRC also collaborates with accounting standard-setters from other countries and the International Accounting Standards Board (IASB) both in order to influence the development of international standards and in order to ensure that its standards are developed with due regard to international developments.
The Accounting Council has up to ten part-time members who represent a variety of interests (see membership of Council).
The Financial Reporting Council assumed responsibility for accounting standards on 2 July 2012. Accounting standards were formerly developed by the Accounting Standards Board are contained in 'Financial Reporting Standards' (FRSs). Soon after it started its activities, the ASB adopted the standards issued by the ASC, so that they also fall within the legal definition of accounting standards. These are designated 'Statements of Standard Accounting Practice' (SSAPs). Whilst some of the SSAPs have been superseded by FRSs, some remain in force.
Accounting standards apply to all companies, and other entities that prepare accounts that are intended to provide a true and fair view. The Foreword to Accounting Standards explains the authority, scope and application of accounting standards.
For a full list of FRC publications go to Publications