Consultation on the Future Role of the UK Financial Reporting Council
A consultation proposing the refocusing and streamlining of the United Kingdom Financial Reporting Council (FRC) was launched today by the UK Department for Business, Innovation and Skills (BIS) and the FRC.
The aim of the reforms is to create an FRC that is clearer about its role and purpose, narrowing its focus to areas of greatest concern to the operation of the capital markets and reinforcing its independence. The consultation also proposes replacing the FRC's existing seven operating bodies with two Board Committees – one focusing on Codes and Standards, the other on Conduct.
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