Taking Stock: Some festive reading from the FRC
With seven notable releases in seven days, TS wonders what the FRC has been doing all year
SPARE A THOUGHT for the regulatory boffins over at the FRC.
While the rest of us have been getting a bit demob pre-Christmas – well TS has anyway – the FRC has been very busy indeed, issuing a flurry a reports, responses, statements and thematic studies over the past week.
Over the past seven days the profession’s regulator has published seven initiatives and/or findings of note.
Now, TS isn’t casting aspersions on the validity of the work, far from it. Nevertheless it does beg the question about how the FRC has been managing its work flow during the rest of the year.
With more announcements expected before the holidays, TS is confident of having enough reading to be kept busy through the festive period.
Consistency in reporting exceptional items and a draft response to IFRS for SMEs…well it beats Dan Brown.
If you are of a mind on brushing up, here is the list in full:
Draft Response to IFRS for SMEs;
FRC proposes first annual update to the Reduced Diclosure Framework;
FRC issues report on auditor’s materiality judgments;
FRC seeks consistency in the reporting of exceptional items;
FRC calls for rapid improvement in the quality of ban audits;
FRC publishes draft plan & budget for 2014/15; and
FRC proposal to simplify accounting for smaller busineses