The newsletter “Setting the Standard” covers the following key areas: 

• A review of recent European developments, including an overview of the process for EU adoption of IFRSs, the transformation of EFRAG and the European Commission's current review of the IAS Regulation.
• Current activity around the 'Clear and concise' initiative. The newsletter highlights the recently published guidance on the preparation of a Strategic Report ‘Guidance on the Strategic Report’ and discusses some of the barriers in this area, such as disclosure requirements introduced through regulation.
• The FRC’s contribution to the International Accounting Standard Board’s (IASB’s) work to develop improvements to IAS 7 Statement of Cash Flows, the new leasing standard and the IASB Disclosure Initiative.
• Recent activity of the Financial Reporting Lab including the publication of the report 'Towards Clear and Concise Reporting' and of the annual reminders for the 2014 reporting season.
• The issuance of the consultation document Accounting standards for small entities: Implementation of the EU Accounting Directive. The newsletter highlights that, under the new regime, which is expected to be effective for accounting periods beginning on or after 1 January 2016, small entities will be included within the scope of FRS 102, with a new Section 1A Small Entities setting out the presentation and disclosure requirements that apply to them.
• The release of XBRL Accounts Taxonomies for FRS 101, FRS 102 and full EU-adopted IFRS. 
• The publication of the findings of the Conduct Committee's Corporate Reporting Review. The newsletter highlights that generally, and particularly for larger public companies, the quality of reporting is good, but a number of areas for improvement have been identified.
• A brief biography of two of the current members of the Accounting Council.

Please click here for the full newsletter on the FRC website.