PracticeAccounting FirmsFRC takes steps on transparency

FRC takes steps on transparency

The new Financial Reporting Council is to hold an annual meeting in which members of the public can question the body, as part of its drive towards greater transparency, writes Paul Grant.

Link: FRC is set for liability cap role

According to FRC chairman Sir Bryan Nicholson, the organisation will aim to be ‘transparent to the maximum degree possible’ when it officially comes into being from the beginning of April.

‘One of the things we have agreed in principle is that once a year we should have the FRC equivalent of an agm, at which the public and interested parties can come along to cross-question myself and colleagues,’ said Sir Bryan.

Other plans for transparency under discussion include the provision of agendas for board meetings in advance and allowing public attendance at the meetings.

The soon-to-be-updated website will play a crucial role, with Sir Bryan promising that the maximum amount of material will be put on there. Only where there are strong reasons for confidentiality will there be exceptions to this. ‘We’ve got to be a lot more open than either the Accountancy Foundation or the old FRC ever was,’ added Sir Bryan.

Despite the increase in size and scope of the FRC, which goes live from 1 April, Sir Bryan is keen to keep the flexible approach that he developed while in charge at the body.

‘The task is going to be to demonstrate that in a larger organisation we can still be as flexible and sympathetic to the concerns of the constituencies,’ he said.

Related Articles

Sexual harassment – is accountancy next for #MeToo?

Accounting Firms Sexual harassment – is accountancy next for #MeToo?

1d Karen Baxter, Lewis Silkin
Johnston Carmichael CEO appointed as ICAS president

Accounting Firms Johnston Carmichael CEO appointed as ICAS president

3w Emma Smith, Managing Editor
British Accountancy Awards 2018 – entries open!

Accounting Firms British Accountancy Awards 2018 – entries open!

1m Emma Smith, Managing Editor
Is the accountancy sector facing an international talent crisis?

Accounting Firms Is the accountancy sector facing an international talent crisis?

1m Lewis Silkin
RSM appoints new Chief Operating Officer

Accounting Firms RSM appoints new Chief Operating Officer

1m Alia Shoaib, Reporter
RSM announces 11 partner promotions

Accounting Firms RSM announces 11 partner promotions

2m Emma Smith, Managing Editor
BDO hires former AstraZeneca creative director as head of digital and innovation

Accounting Firms BDO hires former AstraZeneca creative director as head of digital and innovation

2m Emma Smith, Managing Editor
What does the future hold for listed accountancy firms?

Accounting Firms What does the future hold for listed accountancy firms?

2m Fergus Payne, Lewis Silkin