In its Annual Report for 2013/14 the Financial Reporting Council (FRC) outlines its achievements and challenges over the year. This is the first FRC Annual Report to be based on the new framework for the Strategic Report and includes its first financial statements prepared in accordance with the new UK Generally Accepted Accounting Principles (UK GAAP).
Sir Winfried Bischoff, Chairman of the FRC, said:
“The FRC has focussed its authority and resources on the contribution that high quality corporate governance and reporting can make to the effective functioning of the capital markets and to economic stability and growth. Trust is only achieved through a shared belief that there is a strong public interest in sound governance, active stewardship and fair, balanced and understandable reporting.
The FRC’s effectiveness depends on its relationship with stakeholders, especially the investment community, directors, and those it regulates. While the FRC evolves, I am extremely grateful to those stakeholders who continue to provide input to its aims and extensive information about the impact of potential changes to regulation.”
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