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FRC publishes annual report 2020/21

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28 Jul 2021

The Financial Reporting Council (FRC) has published its 2020/21 annual report (“the annual report”).

The annual report outlines the FRC’s financial position and highlights achievements and challenges in 2020/21, including those related to COVID-19. It also sets out progress made over the year and the next steps in delivering a programme of transformation towards becoming a robust, independent and resilient regulator.  In the report the FRC explains how it supported stakeholders by providing COVID-19 guidance for companies and auditors. It also contributed in developing international standards, including climate and ESG reporting.  

The FRC's Plan and Budget sets out its priorities for the coming year.  Next year's growth will be used to:

  • build teams and procedures for activities such as PIE auditor registration and operational separation; and
  • prepare supervisory regimes in areas where the FRC has some early understanding of the Government’s policy intentions but where it should not yet assume that additional supervisory responsibilities will fall on it in 2022 or beyond.

During the transition to ARGA the FRC will also be developing and implementing a new funding model for ARGA and will be engaging with stakeholders on the principles and the details of ARGA’s funding.

The press release, the full annual report and a summary are available on the FRC website.

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