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UK regulation of accounting standards

Regulation of financial reporting is governed by the Financial Reporting Council (FRC).

On 2 July 2012 the FRC assumed responsibility for accounting standards, which were formerly developed by the Accounting Standards Board (ASB). The ASB has been replaced by the Accounting Council, which reports into the Codes and Standards Committee.

On 22 November 2012 the FRC published a major new standard FRS 100 Application of Financial Reporting Requirements, effective 1 January 2015.

FRS 100 sets out the overall framework for financial reporting, explaining: 

  • Which standards apply to which types of entity
  • When an entity can apply the reduced disclosure framework
  • When an entity should follow a SORP.

It also includes certain transition arrangements.

The Conduct Committee is responsible for overseeing corporate reporting reviews, and maintains a Financial Reporting Review Panel.

The Financial Reporting Lab provides an environment where investors and companies can come together to develop pragmatic solutions to today’s reporting needs.

Companies House is responsible for examining and storing information delivered under the Companies Act and related legislation.

European Union Regulations and Directives impact directly or indirectly on the laws of European Union member states.

Accounting council

On 2 July 2012 the Accounting Council replaced the Accounting Standards Board. It reports into the FRC’s Codes and Standards Committee and its responsibilities include considering and advising the FRC Board upon draft codes and standards (or amendments thereto) to ensure that a high quality, effective and proportionate approach is taken.

Companies House

Companies House is responsible for examining and storing information delivered under the Companies Act and related legislation.

Find out more about filing your annual return and company accounts by visiting the Companies House.

European Union

In June 2013 a new European Union (EU) Accounting Directive was approved.

Financial Reporting Lab

The Financial Reporting Lab offers an environment where corporates and investors can come together to develop pragmatic solutions to today’s reporting needs.

FRC

The Financial Reporting Council (FRC) is the UK's independent regulator responsible for promoting high quality corporate governance and reporting to foster investment. The FRC promotes high standards for corporate reporting and actuarial practice and monitor and enforce accounting and auditing standards.

The FRC was restructured on 2 July 2012.

FRRP

The Financial Reporting Review Panel (FRRP) seeks to ensure that the annual accounts of public companies and large private companies comply with the requirements of the Companies Act 2006 and applicable accounting standards.

As of 2 July 2012 the FRRP is maintained by the FRC’s Conduct Committee.

FRS 100 Application of Financial Reporting requirements

FRS 100 sets out the overall framework for financial reporting, explaining which standards apply to which types of entity, when an entity can apply the reduced disclosure framework and when an entity should follow a SORP. It is effective 1 January 2015 with earlier application permitted.