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FRC issues its Plan and Budget for 2014
By Financial Reporting Council
Apr 22, 2014

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The Financial Reporting Council (FRC) has published its Plan, Budget and Levies for 2014/2015. The Plan confirms the FRC’s mission, highlights progress on its three year strategy for 2013-16 and sets out its priorities and projects for the current year.
The FRC is grateful to those who responded to its consultation on the Plan. Taking account of the comments received it intends in 2014/15 to focus on the following projects:

  • Promoting better quality in the audits of banks and building societies.
  • Encouraging greater clarity and concision in corporate reporting, including cutting unnecessary clutter.
  • Encouraging better quality reporting by smaller listed companies to enhance investor confidence and their potential for growth.
  • Promoting more extensive engagement between fund managers and owners with company boards.
  • Ensuring effective implementation of major changes to audit tendering, audit committee reporting and the audit report.
  • Extending audit inspections to deliver on the recommendations of the Competition Commission.
  • Reviewing the framework of actuarial standards, including in the light of new mapping of actuarial risk.

In addition the FRC will continue to work closely with EU institutions to promote justifiable confidence in the UK’s regulatory framework and influence the thinking of the IASB and the IAASB. In particular it will focus on encouraging the IASB to put more weight on prudence and relevance in the development of accounting standards.

FRC CEO Stephen Haddrill said:
“Across all its activities the FRC seeks to act in the public interest. The Plan sets out an agenda aligned with the need to maintain confidence in the UK’s governance and reporting and so underpin competitiveness in world markets and contribute to growth.
Parliament has given companies the privilege of limited liability. In return the public has a right to expect high standards of accounting and reporting, supported by effective independent audit. Our Plan sets out a work programme that we hope will enhance confidence in this system and that will help bring forward investment to underpin growth and prosperity. “

Download the Plan, Budget & Levies 2014/2015 here

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