Corporate Reporting Council

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 Whilst some of the SSAPs have been superseded by FRSs, some remain in force.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.

Meetings of the Corporate Reporting Council are generally not open to the public, though agendas are published before the meetings, and minutes soon after.

Agendas and Minutes 2016-2017

2017

1 November 2017

3 October 2017

5 September 2017 CRC agenda (PDF)

18 July 2017 CRC agenda (PDF)
18 July 2017 CRC minutes (PDF)

22 June 2017 CRC agenda (PDF)
22 June 2017 CRC minutes (PDF)

25 May 2017 CRC agenda (PDF)
25 May 2017 CRC minutes (PDF)

27 April 2017 CRC agenda (PDF)
27 April 2017 CRC minutes (PDF)

9 February 2017 CRC agenda (PDF)
9 February 2017 CRC minutes (PDF)

13 December 2017

2016

15 December 2016 CRC agenda (PDF)
15 December 2016 CRC minutes (PDF)

17 November 2016 CRC agenda (PDF)
17 November 2016 CRC minutes (PDF)

19 October 2016 CRC agenda (PDF)
19 October 2016 CRC minutes (PDF)

21 July 2016 CRC agenda (PDF)
21 July 2016 CRC minutes (PDF)

22 June 2016 CRC agenda (PDF)
22 June 2016 CRC minutes (PDF)

18 May 2016 CRC agenda (PDF)
18 May 2016 CRC minutes (PDF)

21 April 2016 CRC agenda (PDF)
21 April 2016 CRC minutes (PDF)

24 March 2016 AC agenda (PDF)
24 March 2016 AC minutes (PDF)

25 February 2016 AC agenda (PDF)
25 February 2016 AC minutes (PDF)

21 January 2016 AC agenda (PDF)
21 January 2016 AC minutes (PDF)

Agenda and Minutes 2014-2015

2015

2014

Agenda and Minutes 2012-2013

2013

2012

6 December 2012 AC agenda (PDF)
6 December 2012 AC minutes (PDF)

15 November 2012 AC agenda (PDF)
15 November 2012 AC minutes (PDF)

25 October 2012 AC agenda (PDF)
25 October 2012 AC minutes (PDF)

4 October 2012 AC agenda (PDF)
4 October 2012 AC minutes (PDF)

6 September 2012 AC agenda (PDF)
6 September 2012 AC minutes (PDF)

26 July 2012 AC agenda (PDF)
26 July 2012 AC minutes (PDF)

5 July 2012 AC agenda (PDF)
5 July 2012 AC minutes (PDF)

Agendas of meetings of the ASB

14 June 2012 ASB agenda (PDF)
14 June 2012 ASB minutes (PDF)

24 May 2012 ASB agenda (PDF)
24 May 2012 ASB minutes (PDF)

12 April 2012 ASB agenda (PDF)
12 April 2012 ASB minutes (PDF)

15 March 2012 ASB agenda (PDF)
15 March 2012 ASB minutes (PDF)

16 February 2012 ASB agenda (PDF)
16 February 2012 ASB minutes (PDF)

19 January 2012 ASB agenda (PDF)
19 January 2012 ASB minutes (PDF)

Agenda and Minutes 2010-2011

2011

2010

Agenda and Minutes 2008-2009

2009

2008

Agenda and Minutes 2006-2007

2007

2006

Corporate Reporting Council Terms of Reference

1. Membership

The Board shall appoint a member of the Codes & Standards Committee to be the Council Chair. The Codes & Standards Committee shall appoint up to 11 other members to the Council, subject to the agreement of the Nominations Committee to the appointment of in excess of 9 other members. No more than half of the members of the Council shall be practising members of the accounting profession.

2. Quorum

The quorum for Council meetings shall be 5 members.

3. Secretary

The Company Secretary or his/her nominee shall act as Secretary of the Council (the Secretary).

4. Frequency of Meetings

The Council shall meet at least 6 times a year or as required at the call of the Chair.

5. Attendance at Meetings

Only members of the Council shall have the right to attend Council meetings. However other individuals may be invited to attend all or part of any meeting as and when appropriate.

6. Notice of Meetings

Unless otherwise agreed, notice of each meeting confirming the venue, time and date, together with an agenda of items to be discussed and supporting papers, shall be forwarded to each member of the Council and any other person required to attend, no later than 5 working days before the date of the meeting.

7. Minutes of Meetings

The Secretary shall minute the proceedings and resolutions of all meetings of the Council, including recording the names of those present and in attendance. Minutes of Council meetings shall be circulated to all members of the Council and, following approval, published on the FRC website.

8. Responsibilities

The Council shall:

Provide strategic input and thought leadership on accounting and narrative reporting matters;
Consider and advise the Codes & Standards Committee on the FRC Annual Plan;
Consider and advise the FRC Board on draft codes and standards (including amendments and abstracts) to ensure that a high quality, effective and proportionate approach is taken;
Consider and comment upon proposed developments to international codes and standards and regulations;
Consider and advise on research proposals and other initiatives undertaken to inform the FRC on matters material to its remit and any resultant publications
Consider and comment on the current, emerging and potential risks to the quality of accounting and narrative reporting in the UK and the Republic of Ireland;
Consider and respond to any requests for advice from the Conduct Committee.

9. Reporting Responsibilities

The Council Chair shall report to the Board the full advice of the Council on any draft code or standard (including amendments and abstracts). Where the Board seeks further advice from the Council, the Chair shall report the resulting advice in full to the Board.

The Council Chair shall report to the Codes & Standards Committee on any other activity undertaken by the Council, and to the Board where appropriate.

10. Other

The Council shall have access to sufficient resources and is authorised to seek information from the FRC executive in order to carry out its responsibilities.

The Council may, under the oversight of the Codes & Standards Committee, appoint a group or standing group to advise on specific issues. The membership (which may comprise or include non-Council members) and the continuing need for the group or standing group should be reviewed after one calendar year.

Approved by the FRC Board with effect from 17 June 2016.