Financial Reporting Council invites views on analysis of standards
FRC's Nicholson: framework for reporting and auditing 'remains robust' The Financial Reporting Council has just released an updated analysis on the implications of the new accounting and auditing standards on the 'True and Fair View' and auditors' responsibilities.
According to the Council, significant changes in reporting in the United Kingdom have taken place due to a European Union requirement for listed companies to adopt International Accounting Standards.
FRC said standards that UK auditors must follow have also changed following the introduction of new standards based on International Standards on Auditing, ISAs. Those changes will potentially affect preparers, auditors and users of financial statements, it said.
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