The role of the Corporate Reporting Council is to:
- Provide strategic input and thought leadership, both in the field of accounting and financial reporting and in the work-plan of the FRC as a whole. This will involve "horizon-scanning" and consulting with practitioners or users;
- Consider and advise the FRC Board upon draft codes and standards (or amendments thereto) to ensure that a high quality, effective and proportionate approach is taken;
- Consider and comment on proposed developments in relation to international codes and standards and regulations; and
- Consider and advise on research proposals and other initiatives undertaken to inform the FRC on matters material to its remit and any resultant publications.
The Council comprise the Chair and up to eleven other members, up to half of the membership shall be practising members of the accounting profession. Members of the Councils are appointed through an open process overseen by the Codes and Standards Committee (CSC) subject to the overall guidance of the Nominations Committee of the FRC.
The Financial Reporting Council assumed responsibility for accounting standards on 2 July 2012. Accounting standards that were formerly developed by the Accounting Standards Board are contained in 'Financial Reporting Standards' (FRSs). Soon after it started its activities, the Corporate Reporting Council adopted the standards issued by the ASB, so that they also fall within the legal definition of accounting standards. These are designated 'Statements of Standard Accounting Practice' (SSAPs). Whilst some of the SSAPs have been superseded by FRSs, some remain in force.
Accounting standards apply to all companies, and other entities that prepare accounts that are intended to provide a true and fair view. The Foreword to Accounting Standards explains the authority, scope and application of accounting standards.