The Financial Reporting Council (FRC), the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance, has today published a report on its work in the first quarter of 2007/08 and expected developments in the next quarter.
Principal developments during the April-June 2007 quarter include:
- Publication of the interim report of the Market Participants Group (MPG) which is advising the FRC on its ‘Choice in the UK Audit Market’ project, together with an FRC progress update. A stakeholder meeting was held to discuss the report.
- Investigation launched by the Accountancy Investigation & Discipline Board into events leading to the collapse of European Home Retail Plc and Farepak Food & Gifts Ltd.
- Reform of the Audit Inspection Unit’s annual public reporting of its inspections of audit firms agreed.
- Publication of a consultation paper inviting views on the impact of the Combined Code on Corporate Governance.
- Publication of a consultation paper on the Financial Reporting Review Panel’s proposal that auditors should report voluntarily and immediately when they have qualified their opinion on a company’s accounts.
- Publication by the Board for Actuarial Standards of a consultation paper seeking views on the principles that should underlie its conceptual framework for technical actuarial standards.
- The Accounting Standards Board (ASB) issued a paper on the International Accounting Standard Board’s proposed standard for small and medium size enterprises.
- The ASB, working with the European Financial Reporting Advisory Group and a number of other European accounting standard-setters, published a paper arguing for the inclusion of ‘stewardship’ - directors’ accountability to shareholders - as a separate objective of financial reporting.
See full Press Release.
Posts
