Site Search:

Accounting and Reporting Policy

One role of the FRC is to issue accounting standards. It is recognised for that purpose under the Companies Act 1985. 

The Financial Reporting Council assumed responsibility for accounting standards on 2 July 2012.  Accounting standards were formerly developed by the Accounting Standards Board are contained in 'Financial Reporting Standards' (FRSs). Soon after it started its activities, the ASB adopted the standards issued by the ASC, 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 Whilst some of the SSAPs have been superseded by FRSs, some remain in force.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.

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 website.

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.

For a full list of FRC publications go to Publications.
Quick Links
Subscribe to our newsletter and alerts
The Financial Reporting Council Limited is a company limited by guarantee. Registered in England number 2486368. Registered Office: 8th Floor, 125 London Wall, London EC2Y 5AS