Overview
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.