英国会計基準設定団体: Financial Reporting Council (FRC) in
UK 英国財務報告評議会について
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Financial Reporting Council in UK
英国財務報告評議会 The FRC sets the standards framework
within which auditors, actuaries and accountants operate in the UK. It
also sponsors the UK Corporate Governance Code (for companies) and the
Stewardship Code (for investors). The FRC monitors the implementation
of these standards and promotes best practice by companies and
professionals by issuing guidance and publishing thought leadership
papers. |
| One role of the FRC is to issue
accounting standards. It is recognised for that purpose under the
Companies Act 1985. The Financial Reporting Council assumed responsibility for accounting standards on 2 July 2012. Accounting standards were formerly developed by the Accounting Standards Board are contained in 'Financial Reporting Standards' (FRSs). Soon after it started its activities, the ASB adopted the standards issued by the ASC, so that they also fall within the legal definition of accounting standards. These are designated 'Statements of Standard Accounting Practice' (SSAPs). Whilst some of the SSAPs have been superseded by FRSs, some remain in force. Accounting standards apply to all companies, and other entities that prepare accounts that are intended to provide a true and fair view. The Foreword to Accounting Standards explains the authority, scope and application of accounting standards. The FRC collaborates with accounting standard-setters from other countries and the International Accounting Standards Board (IASB) in order to influence the development of international standards and to ensure that its standards are developed with due regard to international developments. The FRC works closely with the European Financial Reporting Advisory Group (EFRAG) which advises the European Commission on IFRS in Europe. More detail on the work of EFRAG can be found on the EFRAG website. The FRC also works with other bodies as appropriate, including with the International Forum of Accounting Standard Setters (IFASS), previously the National Standard Setters (NSS), which is an informal group of organisations that are committed to working, in the public interest, for the improvement of financial reporting. |
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