Appliance of science for the FRC

Appliance of science for the FRC

Can the FRC's lab spark life into company reporting?

TO MY GREAT disappointment, the Financial Reporting Council’s (FRC) new ‘lab contains no test tubes, steam-exuding copper pipes, or white coats.

I know this for sure as I asked the Financial Reporting Lab’s spokeswoman Alison Thomas. Her response was actually “no bunsen burners”.

The lab fails to have even a designated space at the FRC that you would have more realistically imagined replete with decks of laptops, rulebooks and electronic whiteboards. Instead it’s more ‘what you want it to be’ – conceptual.

The lab intends to bring investors and companies together to work through pain points in financial reporting.

While the FRC prefers the term facilitator, it’s not too far a stretch to consider the FRC as mediators. Many scenarios are likely to see frustrated investors calling on companies to open up the numbers in a more transparent way – with accounting advisors ‘cheering on’ from the sidelines. Obviously the FRC would hate to be considered the referee.

That will be an issue it will have to face. The FRC will also need to consider how it publicises what it would hope to be ‘good work’. The parties will be extremely reticent to air dirty laundry in public, yet the council will want to flag up the kind of disputes, sorry – ‘issues’ – that have been resolved.

Then again, the council knows that. It will be fascinating to see how it all pans out.

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In 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 resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource