FRC hints at Higgs concessions
Sir Bryan Nicholson, chairman of the Financial Reporting Council, has indicated that some of the Higgs proposals could be introduced as guidance rather than rules.
Link Higgs special report
In doing so, Nicholson looks set to bow to boardroom pressures over the proposals put forward by the former investment banker, Derek Higgs. A number of accountants as well as business leaders say the report is too inflexible.
‘We are looking at what are best left as “comply or explain” provisions and what is better as guidance,’ the Financial Times reported Nicholson as saying. ‘It is not a dilution of the Higgs report but a proper response to the process of consultation in which good points were made.’