FAQs: Corporate reporting review and the FRC's Financial Reporting Lab
As the Conduct Committee is represented on the FRC’s Financial Reporting Lab, the following FAQs are relevant to those who currently participate in the Lab, or are considering doing so.
Will my participation in the Lab affect whether the accounts of my company will be selected for review?
No. Participation in the Lab will not influence our selection of accounts for review.
Will I be able to pre-clear reporting issues through the Lab which might then be considered by FRC staff within the CRR team?
No. No part of the FRC provide advance clearance on reporting issues.
If my company’s accounts are reviewed by FRC staff within the CRR team, will this fact, or any information about their review, be shared with the Lab?
No. The CRR team will not inform the Lab if an area of financial reporting raised by a company is, or has been, the subject of discussions with, or comment or other action by, the CRR team.