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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.
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.
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