PracticeAuditFinancial Reporting Council freezes levies

Financial Reporting Council freezes levies

Accounting watchdog sets out levies for 2006/7

The Financial Reporting Council is to effectively freeze levies on companies,
it said today.

The accounting watchdog said that it would be reducing its charges by 10% by
£m of market capitalization. Since market caps have increased, that will mean an
effective freeze, a spokesman said.

FRC chief executive Paul Boyle said: ‘Our proposals for the levy on listed
companies in 2006/07 demonstrate the FRC’s commitment to being cost-effective.
The FRC is very conscious that 2006, like 2005, is a year of major change for
many companies, their shareholders and auditors. In these circumstances we are
not proposing any significant new burdens on companies and their auditors for
2006/07. An important feature of our work in 2006/07 will be taking an active
role in helping to shape policy proposals affecting corporate reporting and
governance in the UK which are initiated by the EU and other international
organisations.’

The key features of the levy will stay the same, a minimum levy being charged
to all listed companies and an additional amount payable by companies above a
certain level of market cap.

The FRC’s core operating costs budget for 2006/7 is 10.5m.

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