PracticeConsultingDifficult issues and demanding agendas faced by UK standard-setter

Difficult issues and demanding agendas faced by UK standard-setter

The UK's top financial reporting watchdog and standard-setter has unveiled its annual review which looks back at a year of difficult issues and demanding agendas at home and internationally.

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.’

www.asb.org.uk

www.frrp.org.uk

www.frc.org.uk

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer