Published: 25 September 2023
7 minute read
Board Diversity Policy
|Name||Board Diversity Policy (September 2023)|
|Publication date||21 September 2023|
|Format||PDF, 80.0 KB|
Approach to Impact Assessment
Our regulatory principles, published in our updated Regulatory Strategy, commit us to:
Target the use of our powers, taking a proactive, risk-based and proportionate approach, making effective use of Impact Assessments (IAs) and having regard to the impact of regulation on small enterprises.
The FRC follows three guiding principles in producing impact assessments:
- The work that goes into the production of an impact assessment should be proportionate to the importance of the proposal that it covers.
- Where a standard is being introduced as a direct response to legislation or regulation, or as part of an agreed policy commitment to adopt international standards of accounting or auditing, the impact assessment should explain the rationale for introducing the standard and should focus on any aspects of the proposed standard which augment the relevant legislation or augment or diverge from the relevant international standard.
- Where appropriate, we are particularly alert to the impact of proposals on small businesses.
Our projects and activities fall into the following categories, and there are differences between the categories as to what is likely to constitute an appropriate impact assessments:
- Influencing EU, international and UK Government proposals. We will encourage those bodies to prepare impact assessment, and we will contribute to those impact assessments.
- Implementing EU, international or UK Government proposals. We will prepare an “implementation” impact assessment addressing the scope and timing of implementation and any elements which augment or diverge from the proposal which is being implemented (eg in relation to the implementation of IFRS).
- Leading the UK debate on the response to an emerging risk/market development. We will consider the rationale for regulation and alternatives to regulation, the first step in the preparation of an initial impact assessment.
- Implementing FRC new regulatory requirements. We will prepare an impact assessments based on the Better Regulation Executive guidelines.
- Proposals to provide or update guidance on existing requirements (eg in updating guidance notes). We will produce an impact assessment based on an appropriate simplified approach.
- Proposals relating to monitoring, enforcement and discipline. For policy proposals, we will prepare an impact assessment. For individual cases, action will be demonstrably risk-based (eg in relation to priority sectors identified by the FRRP or priority areas for inspection identified by the AIU).
- Proposals which do not impose regulatory requirements. We will not produce an impact assessment.
FRC project owners will apply appropriate judgement in each case to ensure that the necessary elements are included.
Consultation Responses Policy
Data Protection Policy
The Financial Reporting Council (FRC) collects and processes certain types of personal information as a necessary part of carrying out its responsibilities and administering its operations. Such information is subject to the GDPR and Data Protection Act 2018.
The FRC collects, handles and uses personal information in accordance with the seven Principles of data protection set out in the Act. It maintains technical and other security arrangements to safeguard personal information. Our website contains a statement on how we deal with personal data collected through the site.
Such personal data is subject to certain rights of access by the individuals to whom it relates. Those rights of access entitle them to:
- know what the information is
- be informed for what purposes the information is being processed and to whom it may have been disclosed
- the opportunity for incorrect information to be amended or erased.
For further information, please see our Individual Rights (Data Privacy) Policy.
Any such requests in respect of personal information held by the FRC should be addressed to [email protected] or in writing, to:
The Privacy Team
Financial Reporting Council
8th Floor, 125 London Wall
and should include details of the context in which you believe the FRC is holding the information you seek. This will help us identify it and respond to requests as quickly as possible.
The Data Protection Act includes exemptions from the right of access. The FRC will take these into account in considering requests and this may result in withholding all or part of the information requested.
The FRC may charge for a reasonable fee for the administrative costs of complying with a request if it is manifestly unfounded or excessive, or if an individual requests further copies of their data.
Disclaimer and Copyright
The Financial Reporting Council (FRC) is an independent, unified regulator that:
- sets, monitors and enforces accounting and auditing standards;
- oversees the regulatory activities of the professional accountancy bodies, and regulates audit; and
- promotes high standards of corporate governance.
The terms on which you are entitled to access the FRC Website are set out below. Your access to the site or any part thereof will be deemed to constitute acceptance of these terms. These terms shall be governed by and construed in accordance with English law.
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