FRC opens consultation on work plan

Stephen Haddrill. FRC

The UK financial reporting watchdog will consider whether it needs to
continue work on developing a broader audit market for big companies, according
to the Financial Reporting Council (FRC)
of work for 2010-2011

The FRC’s new chief executive
recently told Accountancy Age he did not believe there was a need
to work towards extending the Big Four firm to a Big Five.

The FRC’s reporting experts will also review 300 sets of accounts from target
industries including media, advertising, commercial property and IT.

Efforts will also continue to ensure “continued support for maintaining the
IASB and other standard setters’ ability to exercise independent judgement in
setting accounting standards.”

FRC Chairman, Sir Christopher Hogg, said: “The profound effects of the credit
crunch have challenged everyone, including the FRC, to re-examine their
priorities. The economic outlook may not be as depressed or unstable as it was
when we published our Plan for 2009/10, but there are clearly still major
challenges for boards, audit committees, preparers, auditors, actuaries and
accountants. Our Draft Plan invites views on the FRC’s response to these issues
over the medium term”.

The final work place will be published next.

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