PracticeConsultingMore powers for FRC.

More powers for FRC.

The Financial Reporting Council has welcomed proposals to update company law and increase the council’s powers.

Modernising plans issued by the steering group of the company law review include extending the remit of the FRC and its operational bodies, the Accounting Standards Board and the Financial Reporting Review Panel, to ensure effective enforcement of the law.

FRC chairman Sir Bryan Nicholson, said: ‘It is particularly pleasing that the success of the present arrangement and the strengths of the model that the FRC provides were widely recognised. The review therefore aims to build on those strengths and the approach they represent. An important element in this is the broad base of business support that they enjoy.’

– A global accountancy task force has suggested increased transparency and tighter liaison with national standard setters in a bid to draw up a high-quality set of international auditing standards.

The report, issued by the International Federation of Accountants’ special task force, includes suggestions to enhance transparency by opening meetings to the public and working more closely with national standards setters with the aim of improving the procedure of the International Auditing Practices Committee.

Manuel Sanchezy Madrid, chairman of the IAPC Review task force, said: ‘Trends in IFAC member body usage of international standards on auditing demonstrate the need for a global set of auditing standards is gaining momentum and support. With the growth of global capital markets, high-quality internationally-recognised auditing standards are essential for the effective and efficient functioning of the markets.’

The report can be accessed on www.ifac.org/Guidance/EXD-outstanding.tmpl.

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

3m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

9m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

10m Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

11m Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

11m Stephanie Wix, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

10m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

10m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

10m Kevin Reed, Writer