play a vital role in the effective functioning of businesses and capital markets. They enable investors to make comparisons on a like-for-like basis and provide assurance that key elements of a company's financial controls and systems have been assessed and reported on.
Accounting standards should not be a replacement for the exercise of professional judgement, however, rather they should help to facilitate it by providing a strong and robust framework. As well as setting accounting standards for UK and Republic of Ireland (entities not required to apply international accounting standards) the FRC has an important international role in contributing to the development of high quality global accounting standards
by influencing the work of the International Accounting Standard Board (IASB).
Please see our pages on Accounting and Reporting Policy
and Corporate Reporting Review
for more information.