UITF

Following FRC reform the role and responsibilities of the UITF was transferred to the Accounting Council.  The Accounting Council will assist the FRC where unsatisfactory or conflicting interpretations have developed (or seem likely to develop) about a requirement of an accounting standard or the Companies Act. The UITF seeks to arrive at a consensus on the accounting treatment that should be adopted, in such cases, in the context of the FRC's declared aim of relying on principles rather than detailed prescription.