PracticeAudit‘New’ FRC hold-up

'New' FRC hold-up

The introduction of the new and more powerful Financial Reporting Council could still be some way off after initial proposals put out at the last meeting of the council earlier this month failed to produce a decisive result.

Link: Tentative approval for combined code

Sir Bryan Nicholson, chairman of the FRC, said that the council’s bi-annual meeting on 14 May would see the proposed aims for the new FRC, which will incorporate many parts of the current Accountancy Foundation, put forward for approval.

This month’s meeting however was also used to make key decisions on the Higgs report and the combined code for corporate governance, which will now be redrafted. The new FRC proposals were somewhat overshadowed at the meeting.A spokeswoman for the FRC said that discussions on the new FRC proposals did take place but that no decisions were taken. She added that the FRC meeting, comprising Sir Bryan, Peter Wyman and a senior DTI official is private but the body will go public when there is more to say.

Sir Bryan has already admitted that parts of the new FRC are, in effect, already up and running with the formation of an eight-member ‘chairs group’ that will become the organisation and co-ordination focal point for the new body.

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