UK Corporate Governance Code
UK Stewardship Code
The Lab
Accounting and Reporting
CRR sections
CRR Reviews of Corporate Reporting
Enforcement
Professional Oversight
Current Actuarial Standards
Consultations
Who is JFAR?
JFAR Risk Perspective
Oversight of the Actuarial Profession
Audit and Assurance
Our Expectations
Pre-appointment Meetings
Audit Quality Review
Latest Developments in Audit report
Corporate Governance
Stewardship
About Us
FRC in Numbers
Work With Us
Making a Complaint
Whistleblowing
Freedom of Information
FRC's Areas of Research Interest
FRC Board, Councils and Committees
Procedures and Policies
FRC Tribunals
The role of the ARP is to oversee the financial reporting requirements for UK entities other than those required to or choosing to apply International Accounting Standards. This is done by maintaining and improving UK Financial Reporting Standards (FRS) and influencing the development of international standards. The ARP achieves this by collaborating with accounting stand-setters from other countries and the International Accounting Standards Board (IASB).
Accounting standards apply to all 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.
The ARP's policy is to consult widely on all its proposals. Generally the development of a new accounting standard involves at least two formal consultation documents, a Discussion Paper and a Financial Reporting Exposure Draft (FRED).
The ARP is recognised in its role of issuing accounting standards in the Companies Act 1985; revised 2006.
The FRSSE is a standard that may be applied by companies that qualify as small under the Companies Act and other entities that would have qualified as ’small’ had they been incorporated. The Companies Act definition of ’small’ encompasses most companies with an annual turnover of up to £6.5 million.
The ARP collaborates with accounting standard-setters from other countries and the International Accounting Standards Board (IASB) to influence the development of international standards. The ARP has a communication strategy that sets out the Board's objectives in using communications for influencing international developments and dialogue with its constituents. IFRS Influencing
The FRC is a non-voting observer of EFRAG and works with EFRAG and other European Union (EU) standard setters to encourage high quality in the IASB's standards and their adoption in the EU.
Click on the link below to view: FAQs: ESMA Guidelines on Alternative Performance Measures