Warning

The content on this page has been converted from PDF to HTML format using an artificial intelligence (AI) tool as part of our ongoing efforts to improve accessibility and usability of our publications. Note:

  • No human verification has been conducted of the converted content.
  • While we strive for accuracy errors or omissions may exist.
  • This content is provided for informational purposes only and should not be relied upon as a definitive or authoritative source.
  • For the official and verified version of the publication, refer to the original PDF document.

If you identify any inaccuracies or have concerns about the content, please contact us at [email protected].

UK GAAP Technical Advisory Group Terms of reference

Terms of Reference

These are the terms of reference of the UK GAAP Technical Advisory Group established in 2024 (the Group).

Effective Date Review Date
24 June 2024 23 June 2027

1. Membership

1.1The Director, Accounting and Reporting Policy shall be Chair and shall appoint up to 15 other members who collectively:

  1. have a broad spread of sector knowledge and experience; and
  2. have knowledge and experience of financial reporting by entities applying UK Financial Reporting Standards.

1.2There may be a number of members from accounting networks and firms, and it is expected that there will be one member from each of the six largest accounting networks. At any time there shall not be more than one member from any accounting network (unless a second member from one accounting network or firm is required to support representation on the Group from the Republic of Ireland).

1.3Membership of the Group shall continue for a maximum of nine years (including any previous service on the FRC Advisory Panel or previous UK GAAP TAG), and shall end no later than 31 December in the ninth year of service. Members may be removed at any time by the Chair of the Group.

1.4The Chair of the Group shall review succession plans annually.

2. Secretary

2.1The Director, Accounting and Reporting Policy's nominee shall act as Secretary of the Group (the Secretary).

3. Frequency of meetings

3.1The Group shall meet at least four times a year, or as required by the Group Chair.

4. Attendance at meetings

4.1Only Group Members shall have the right to attend Group meetings. Other individuals may be invited by the Group Chair to attend all or part of any meeting as and when appropriate.

4.2There is no quorum for the Group, as it is Advisory only.

5. Notice of meetings

5.1Unless otherwise agreed, notice of each meeting confirming the venue/electronic platform, time and date, together with an agenda of items to be discussed and supporting papers shall be circulated by the Secretary to Members and attendees, as appropriate, of the Group, no later than five working days before the date of the meeting.

6. Proceedings of meetings

6.1The proceedings and advice of meetings of the Group shall be recorded in such a form as the Group Chair sees fit.

7. Responsibilities

7.1The Group shall:

  1. advise the Director of Accounting and Reporting Policy on the development and maintenance of UK and Ireland accounting standards;
  2. consider issues referred to it by the Executive Director, Regulatory Standards or brought to its attention by the Director of Accounting and Reporting Policy including:
    1. important or significant matters where an existing UK and Ireland accounting standard or a provision of company law (including the requirement to give a true and fair view) may not be clear and where unsatisfactory or conflicting interpretations have developed or seem likely to develop;
    2. the implications for UK and Ireland accounting standards of developments in IFRS Accounting Standards; and
    3. current, emerging and potential risks to the quality of accounting and financial reporting in the UK and Republic of Ireland;
  3. consider any SORPs (and due process documents relating to SORPs) prior to approval by members of the Executive Committee in accordance with the requirements of the FRC's Policy on Developing Statements of Recommended Practice (SORPs);
  4. in carrying out its work, have regard to the information needs of users and the wider public interest in high-quality financial reporting and the FRC's objective for UK accounting standards which is to enable users of accounts to receive high-quality understandable financial reporting proportionate to the size and complexity of the entity and users' information needs.

Financial Reporting Council

London office: 13th Floor, 1 Harbour Exchange Square, London, E14 9GE

Birmingham office: 5th Floor, 3 Arena Central, Bridge Street, Birmingham, B1 2AX

+44 (0)20 7492 2300

www.frc.org.uk

Follow us on Linked in

File

Name UK GAAP Technical Advisory Group Terms of reference
Publication date 24 June 2026
Format PDF, 138.8 KB
Download original
Back to top