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FRC priorities for 2012/13

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25 May 2012

The UK Financial Reporting Council (FRC) has published its priorities and funding plans for 2012/13. The FRC places particular emphasis on the need to influence EU and international developments.

The second of the four main objectives for the work of the FRC (ensuring that the UK’s approach to corporate governance and reporting is properly understood and that the FRC will effectively influence developments in the EU and internationally) is explained in terms of interaction with the international standard setters.

Among other actions, the FRC aims to:

  • Take a lead role in influencing the development of International Financial Reporting Standards (IFRS), including by taking an active role in European
    Financial Reporting Advisory Group (EFRAG), as well as the International Auditing Standards Board (IASB) and by playing a leading role in the global
    group of National Standard Setters.
  • Play a leading role in working effectively with the International Auditing and Assurance Standards Board (IAASB) by continuing membership of its Task
    Forces and with the International Ethical Standards Board for Accountants (IESBA) by influencing the development of revisions to international
    requirements to ensure they reflect UK good practice and thinking.
  • Monitor and respond to developments in integrated reporting led by the International Integrated Reporting Committee (IIRC) to ensure
    they enhance the corporate reporting model and role of auditors.

The FRC's Plan & Budget 2012/13 is available on the FRC website.

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