One role of the FRC is to issue accounting standards. It is recognised for that purpose under the Companies Act 1985.
With effect from 1 January 2015, the five relevant accounting standards issued by the FRC are Financial Reporting Standards 100 to 104. In addition, the FRC has issued FRS 105 for those qualifying as "micro-entities" which is effective from 1 January 2016, but can be adopted earlier in 2015. Prior to these effective dates entities may continue to apply the extant UK accounting standards, being FRSs and Statements of Standard Accounting Practice (SSAPs) issued or adopted by the former Accounting Standards Board.
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.
The FRC collaborates with accounting standard-setters from other countries and the International Accounting Standards Board (IASB) in order to influence the development of international standards and to ensure that its standards are developed with due regard to international developments.
The FRC works closely with the European Financial Reporting Advisory Group (EFRAG) which advises the European Commission on IFRS in Europe. More detail on the work of EFRAG can be found on the EFRAG
The FRC also works with other bodies as appropriate, including with the International Forum of Accounting Standard Setters (IFASS), previously the National Standard Setters (NSS), which is an informal group of organisations that are committed to working, in the public interest, for the improvement of financial reporting. The IFASS meets twice a year. Recent reports can be found here