FRC: New accounting framework expected in 2015
Draft proposals show FRC wants new reporting framework UK GAAP to come into effect in 2015 and hopes to strengthen disciplinary powers
Draft proposals show FRC wants new reporting framework UK GAAP to come into effect in 2015 and hopes to strengthen disciplinary powers
THE FINANCIAL REPORTING COUNCIL said it hopes to introduce new UK accounting framework UK GAAP by 2015, in a draft priority and funding proposal published today.
The proposals are released ahead of its annual open meeting later this month. The Council is planning to focus on four main objectives in 2012/13.
Firstly it hopes to introduce UK GAAP, following completion of consultations, by 2015.
It also hopes to reinforce its disciplinary work to enhance the speed and effectiveness of disciplinary matters.
The other priorities include; ensuring the UK’s approach to corporate governance and reporting is understood internationally and pressing for EU policies on audit and governance to serve the interests of investors; as well as strengthen investor engagement.
The FRC’s core operating budget for the upcoming financial year 2012/13 is estimated to be about 2.5% less than the 2011/12 budget forecast at £14.6m.
More about:
The numbers you crunch tell a story. Your expertis...
12yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleFines, regulatory oversight and greater investigations are sparking worries that sector control by giants will continue Read More...
View articleAfter cooperating with the inquiry, the firms and partners received a reduction in fines Read More...
View articleThe proposals form part of an ongoing overhaul of audit and corporate governance in the UK Read More...
View articleBut it may not be the solution to building consistently high-quality audits Read More...
View articleThe FRC has said the admitted failings were "rudimentary and should not have occurred" Read More...
View articleThis is the second investigation the FRC has commenced into audits by EY this week Read More...
View articleSir Jon Thompson will begin leading the HS2 project with immediate effect Read More...
View articleThe Big Four firm was found guilty of breaches in relation to cash and the audit of supplier rebates Read More...
View article