The annual review describes the activities during 1999 of the Financial Reporting Council and its two operational bodies, the Accounting Standards Board and the Financial Reporting Review Panel.
FRC chairman Sir Sydney Lipworth said:’In order to make process towards its aim of furthering sound financial reporting – the ASB and the FRRP – has had to tackle difficult issues.
‘The ASB has continued to develop and issue standards in response to demanding agendas set both at home and internationally. On enforcement, the Review Panel has again been able to resolve matters without resorting to the court and has worked to improve its effectiveness.’
He added: ‘At a time when developments at home and internationally could involve fundamental changes in the framework for financial reporting, the broad basis of support which this organisation enjoys has been vital to the success it has achieved during the year.’
In the ASB section, ASB chairman Sir David Tweedie looks at the pervasive influence of international developments on the work of the ASB.
He said that although the ASB remains committed to the goal of global harmonisation it believes that the authority of national standard-setters must be maintained if hard-won advances in financial reporting are not to be imperilled.’