PracticeAuditFRC: New accounting framework expected in 2015

FRC: New accounting framework expected in 2015

Draft proposals show FRC wants new reporting framework UK GAAP to come into effect in 2015 and hopes to strengthen disciplinary powers

THE FINANCIAL REPORTING COUNCIL said it hopes to introduce new UK accounting framework UK GAAP by 2015, in a draft priority and funding proposal published today.

The proposals are released ahead of its annual open meeting later this month. The Council is planning to focus on four main objectives in 2012/13.

Firstly it hopes to introduce UK GAAP, following completion of consultations, by 2015.

It also hopes to reinforce its disciplinary work to enhance the speed and effectiveness of disciplinary matters.

The other priorities include; ensuring the UK’s approach to corporate governance and reporting is understood internationally and pressing for EU policies on audit and governance to serve the interests of investors; as well as strengthen investor engagement.

The FRC’s core operating budget for the upcoming financial year 2012/13 is estimated to be about 2.5% less than the 2011/12 budget forecast at £14.6m.

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