The FRC develop and maintain UK and Irish accounting standards by developing and issuing accounting standards and undertaking outreach with stakeholders.
The FRC improve the quality of annual reports by developing and maintaining Guidance on the Strategic Report, undertaking thought leadership initiatives and undertaking outreach with stakeholders.
The FRC identify and assess opportunities for improving the quality of financial reporting by undertaking thought leadership projects, responding to consultations, influencing the IASB, undertaking outreach with stakeholders and liaison with academics.
The 'true and fair' concept has been a part of English law and central to accounting and auditing practice in the UK for many decades.
Under the terms of a memorandum of understanding between the Secretary of State, the FRC and the UK Accounting Standards Endorsement Board, the FRC is responsible for overseeing the UK Endorsement Board’s adherence to due process.
The FRC monitor and influence the IASB by responding to relevant consultations, undertaking outreach with stakeholders and liaison with other national standard setters.
The FRC leads the UK’s cross-regulator project to digitise corporate reporting standards using XBRL.