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].

CRR Information Sheet

The FRC's purpose and CRR's role in this

The Financial Reporting Council (FRC) is responsible for monitoring and, where necessary, improving the quality of corporate reporting in the UK. The CRR team undertakes the day-to-day work relating to this.

Our remit includes reviewing the annual report and accounts and interim reports of companies listed on the FCA's Official List and the annual report and accounts of UK-incorporated public companies, large private companies and Limited Liability Partnerships (LLPs).

We operate under statutory powers derived from the Companies Act 2006 and other relevant law.

FRC's Values and Purpose Diagram

Our Values: * Fair * Effective * Independent * Influential

Our Purpose: The FRC's Purpose is to serve the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them.

Ensuring that companies provide transparent, reliable and compliant financial information.

CRR plays a vital role in upholding high-quality corporate reporting in the UK, which:

  • Underpins UK companies' access to the capital they need to scale and grow.
  • Maintains investors' confidence in the information they use to make capital allocation decisions.
  • Allows UK companies to compete in an international marketplace for investment.

CRR's principal activities

A company's directors are primarily responsible for ensuring the annual report and accounts comply with relevant requirements. Auditors review and report on the accounts. CRR does not duplicate this work; we perform a desktop review and make enquiries if we see something that calls into question whether the strategic report, directors' report, or accounts comply with the Companies Act and other relevant requirements.

To this end, the CRR's principal activities are:

  • conducting a programme of reviews of reports and accounts and interim reports, using risk-based selection;
  • engaging with companies on compliance with relevant reporting requirements;
  • undertaking thematic reviews that focus on areas of corporate reporting where there is scope for improvement and which are of particular interest to stakeholders;

How we achieve our purpose

  • Risk-based reviews
  • Engagement with companies
  • Thematic reviews
  • Information sharing

  • Regulatory liaison

  • sharing findings in respect of the corporate reporting of a company with other authorities, including other parts of the FRC, subject to any legal restrictions, and publishing case summaries to provide transparency about our work; and

  • liaising with the Financial Conduct Authority (FCA) and other authorities in the United Kingdom and internationally to ensure consistent application of accounting and reporting requirements.

We provide support to those developing and implementing regulatory standards in the UK. Our practical experience of reviewing company reports provides insight into areas of poor compliance, apparent regulatory burden and other practical issues.

We carefully consider proportionality in our work and only ask a question when it appears there may be a material breach of the relevant requirements.

We principally engage with companies on a voluntary basis and rarely use our powers.

Our publications and outreach help companies to avoid common errors and to understand which issues we are likely to challenge.

Read our Annual Activity Report and thematic reviews on our website.

Get in touch

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 LinkedIn

File

Name CRR Information Sheet
Publication date 14 July 2026
Type Information sheet
Format PDF, 2.5 MB
Download original
Back to top