FRC plans 8.5% hike to levy rates

by Richard Crump

More from this author

23 Jan 2013

  • Comments
Financial Reporting Council

An 8.5% hike in levies has been announced by accountancy's watchdog, the FRC, for 2013/2014.

The additional funding will strengthen its ability to respond to international demands, scrutinise emerging issues, and conduct research into the economic and business environment, the FRC said.

In tandem with the levy increase, the FRC is upping its 2013/14 budget by 10% to £24.5m in order to pursue priority projects such as extending the scope of its international influence and clearing its backlog of disciplinary cases.

Last year, the FRC completed the most radical structural overhaul in its history, which saw it slash its seven operating arms down to just two. Under the new structure, one division sets governance guidelines as well as some accounting and auditing standards. The other focuses on enforcement and discipline.

Mridul Hegde, executive director of strategy at the FRC, said reform has given it the impetus to ramp up its workload and expand its influence abroad.

"We think we can do more and achieve more," Hegde told Accountancy Age. "In particular, we want to focus on influencing the international debates on auditing and international [reporting] standards."

The FRC said it will also increase its audit monitoring programme for large listed entities, conduct supervisory inquiries into corporate failures and near failures, while improving the speed and efficiency of its disciplinary process.

"There is a backlog and we recognise that it has taken too loo long. That's a resourcing issue," said Hegde.

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

conservatoire-for-dance-and-drama

Finance-Director-part-time

Conservatoire for Dance and Drama, London, Permanent, Part Time, £60,000 pro rata

 

 

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.