The ultimate aim of most Accounting Council projects for the FRC is the production of a Financial Reporting Standard (FRS) or an amendment to an existing FRS. In some cases a new FRS will supersede an existing FRS or Statement of Standard Accounting Practice (SSAP): see Standards in issue
The process to production of a final FRS usually involves publication of a Discussion Paper
and then a Financial Reporting Exposure Draft
(FRED), both of which invite comments from all interested parties.