The Financial Reporting Council (FRC) has launched a project to examine the lessons to be learned from the credit crisis and other market developments as they impact corporate reporting, accounting and auditing of non-financial services companies. The FRC expects to publish a discussion document in the Autumn.

To assist the FRC in identifying and evaluating appropriate issues, it has established a senior business and accountancy profession advisory group.

The new group will advise the FRC on issues such as narrative reporting and the role of the auditor.

The Advisory Group comprises:-

• Mark Armour, Chief Financial Officer, Reed Elsevier PLC
• John Cridland, Deputy Director General, CBI
• Steve Maslin, Partner, Grant Thornton
• Ian Powell, Chairman and Senior Partner, PwC UK
• Keith Skeoch, Chief Executive, Standard Life Investments
• Lindsay Tomlinson, Managing Director, BlackRock

The group met for the first time on Monday 26 July.

Stephen Haddrill, Chief Executive of the FRC and Chair of the Advisory Group, said:

"I am delighted that senior individuals from business and the accountancy profession have agreed to serve on this Advisory Group to help the FRC to identify key lessons from the financial crisis and the way markets are now developing.

"Our aim is to apply these lessons to the issues within the FRC's remit and to consult on proposals for reform. It is time to get into the detail of the auditing, accounting and corporate reporting practices that need to be changed to enhance the relevance and value of information provided to the capital markets and the assurance given by audit".

1. The Financial Reporting Council is the UK's independent regulator responsible for promoting high quality corporate governance and reporting to foster investment.
2. For media enquiries please contact Jonathan Labrey, FRC Head of Communications, on: 0776 099 0345; e-mail: j.labrey@frc.org.uk.