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FRC draft plan and budget 2013/2014

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25 Jan 2013

The UK Financial Reporting Council (FRC) has issued its draft plan and budget for 2013/2014. Among other aspects the FRC is consulting on its strategic priorities regarding corporate reporting.

To encourage high quality corporate reporting, the FRC suggests the following five priorities:

  • develop the disclosure framework proposals and seek to influence the IASB in developing disclosure principles,
  • review the role of materiality in financial reporting and implement standards that ensure a focus on key issues and significant risks,
  • report on reviews of 300 sets of reports and accounts of UK companies,
  • influence EU directives and regulations, especially those that are felt to be hindering the ability to effect changes,
  • continue to seek to improve financial reporting through specifically designed Financial Reporting Lab experiments.

The FRC also comments on the concept of stewardship and notes that it is not explicitly and prominently positioned in the International Financial Reporting Standards (IFRS) conceptual framework. The FRC therefore plans to embark on a major programme designed to gain universal acceptance of the importance of the concept of stewardship and support for the principles of the UK 2010/2012 Stewardship Code.

The draft plan also mentions the new ASAF and indicates, that the FRC stands ready to join the IASB’s new advisory forum.

The draft plan and budget can be downloaded from the FRC website. Comments are requested by 28 March 2013.

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