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FRC seeks to increase its international influence with an office in Brussels

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03 May 2013

The UK Financial Reporting Council (FRC) has established an office in Brussels where its Head of European Affairs is based full time to gain greater "line of sight into European institutions" and to be able "to engage more effectively on EU wide issues". The FRC announced this move in its 'Plan and Budget 2013/16' released on 1 May.

Although announced only recently, the office was already established in 2012. The FRC claims it can already see a change in the quality of UK engagement in EU affairs and announces: "We are committed to investing further to extend, deepen and strengthen our influence in Europe." Increases to the budget also shown in the plan and budget for 2013/16 will certainly support this intention.

The FRC's work on corporate reporting in 2013-2016 will see a dual focus on increasing the relevance of financial reporting to investors (this is mainly to be achieved through the FRC's Financial Reporting Lab, which has already published a string of insightful reports) and on supporting the progress of globally consistent accounting standards, which the FRC says has stalled.

The FRC quotes its nomination as an inaugural member of the Accounting Standards Advisory Forum (ASAF) as evidence of its increasing influence on the international level, which it intends to use to:

  • ensure appropriate UK input to the IASB’s standard-setter forum, especially amendments to IFRS 9, leases, insurance and IFRS for SMEs,
  • influence developments in the IFRS Conceptual Framework, and, especially,
  • influence global standard setters to enshrine the centrality of stewardship – making the case for the IFRS conceptual framework to include this explicitly.

Please click for the full Plan and Budget 2013/16 on the FRC website.

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