Financial Reporting Council



FRC extends application period for accounting requirements covering COVID-19 related rent concession

The Financial Reporting Council (FRC) has issued Amendments to FRS 102 and FRS 105 – COVID-19-related rent concessions beyond 30 June 2021.

Published 10 June 2021

FRC was 'asleep at the wheel' during corporate failures, says CEO Sir Jon Thompson

Sir Jon Thompson, chief executive of the Financial Reporting Council (FRC) has admitted that the financial regulator was "asleep at the wheel" during corporate failures.

Published 28 May 2021

FRC issues revised auditing standard for the auditor's responsibilities relating to fraud

The Financial Reporting Council (FRC) has issued a revision of its UK auditing standard on the responsibilities of auditors relating to fraud - ISA (UK) 240 (Revised May 2021) - The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements.The revisions to the standard are designed to provide increased clarity as to the auditor's obligations, addressing the concern raised by Sir Donald Brydon in his review of the quality and effectiveness of audit.

Published 27 May 2021

FRC fines on auditors triples to £25 million

The number of fines issued to auditors by the accountancy watchdog has almost tripled in the last year as the Financial Reporting Council (FRC) seeks to stamp out poor practices ahead of a government consultation on reforming the scandal-hit industry.

Published 24 May 2021

FRC: Workforce engagement lies at the heart of good corporate governance

The Financial Reporting Council (FRC) has published research revealing that workforce engagement lies at the heart of good corporate governance.

Published 24 May 2021

FRC: High quality disclosures vital for investors ahead of 2021 interim reporting season

Ahead of the 2021 interim reporting season, a review by the Financial Reporting Council (FRC) has highlighted examples of good practice in company’s interim reporting and areas where further improvements are required.

Published 18 May 2021

Corporate Governance Code increases reporting on remuneration practices

Companies are better aligning their board remuneration policy and practices with long-term shareholder interests according to new research conducted by the Financial Reporting Council (FRC) and The University of Portsmouth.

Published 12 May 2021

Financial regulators publish plan for upcoming work

The Financial Services Regulatory Initiatives Forum has published the third edition of the Regulatory Initiatives Grid which this year includes contributions from the Financial Reporting Council (FRC) for the first time.

Published 10 May 2021

FRC makes Advisory Panel appointments

Financial Reporting Council (FRC) has announced the appointment of 19 members to its Advisory Panel with effect from May 1.

Published 5 May 2021

FRC announces international conference on the importance of culture

The Financial Reporting Council (FRC) has announced it will be holding an international conference in June entitled Audit Firm Culture: Challenge. Trust. Transformation.

Published 26 April 2021

FRC proposes extending application period for accounting requirements covering COVID-19-related rent

The Financial Reporting Council (FRC) has issued an Exposure Draft that proposes to extend the application period of requirements that cover the accounting treatment of temporary rent concessions occurring as a direct consequence of the COVID-19 pandemic by one year.

Published 21 April 2021

FRC on track to become a new, ‘more resilient regulator’

The Financial Reporting Council (FRC) has said it is on track to become a "new, more resilient regulator" after it published its Strategy for 2021/22 following a period of consultation.

Published 8 April 2021

FRC unveils new approach to publishing corporate reporting reviews

The Financial Reporting Council (FRC) has published summaries of its corporate reporting reviews for the first time.

Published 30 March 2021

Non-executive directors can't just 'turn up and cash in', says FRC chief

Sir Jon Thompson, the chief executive of the Financial Reporting Council (FRC) has told non-executive directors that they cannot “simply turn up” and “take your fees” as backlash grows over proposed reforms to increase their exposure to regulatory action.

Published 26 March 2021

FRC publishes Approach to Audit Supervision report

The Financial Reporting Council (FRC) has published a new report which sets out what firms can expect from the FRC in the course of supervision with a focus on audit quality and firm resilience.

Published 26 March 2021