Financial Reporting Council publishes its Annual Report for 2010/11
News types: Publications
Published: 5 July 2011
The Annual Report describes the ways in which the FRC, working closely with its stakeholders, has contributed to promoting high quality confidence in corporate reporting and governance during 2010/11.
The Annual Report 2010/11 is available on the FRC website at FRC Annual Report 2010/11 (PDF).
Baroness Hogg, Chairman of the FRC, said:
“In the past year, we have brought into effect a new Corporate Governance Code and – the first of its kind – a Stewardship Code for investors. We have launched a consultation paper on Effective Company Stewardship and a series of discussions on best practice in fulfilment of boards’ responsibilities with respect to risk, in order to determine what changes may be needed to bring the existing Turnbull guidance up to date. We have taken the opportunity of an inquiry by the House of Lords Economic Affairs Committee into the market for audit services to express our concerns in this area, and invited Lord Sharman to conduct an inquiry into the questions raised about going concern statements. We have enhanced transparency through reports by the Audit Inspection Unit, participated in the debate on the role of accounting standards during the crisis, and consulted on the future of UK GAAP.
Our key challenge for the coming year will be to weave the disparate activities of the FRC into two functional strands: one concerned with the setting of codes and standards, the other with the conduct of companies and professionals. We will be consulting, together with our sponsoring department, on whether some elements of our current activities can be dispensed with altogether, while ensuring that our powers to discharge our core responsibilities are vested properly in the FRC, and are adequate and proportionate.
We will be keeping in particularly close touch with our stakeholders, on whom we will rely heavily for advice in our efforts to create an FRC that is:easier to understand, focused and clear in its purpose
disciplined, proportionate and restrained in the execution of that purpose
flexible, acute and sensitive to the impact of its work on companies, markets, professions and the people who work in all three.”
Annual Open Meeting
The FRC’s Annual Open Meeting will be held at 4.00pm on Tuesday 28 February 2012 in the Council Chamber of the Institution of Engineering and Technology (IET), 2 Savoy Place, London WC2R 0BL. There will be an introduction by the Chair, a report by the Chief Executive and the opportunity to ask questions.
Anyone with an interest in the FRC’s work on corporate governance, corporate reporting, auditing, actuarial practice and the integrity, competence and transparency of the accountancy and actuarial professions is welcome to attend. If you wish to attend, please confirm your attendance by emailing [email protected].
In order to make the discussion part of the meeting more effective, we invite stakeholders to submit questions or topics in advance, preferably with some detail of the particular issue(s) of concern to you. Submissions are welcome, regardless of whether or not you intend to attend the AOM. Submissions should be made, either by email at [email protected] or by post to Jonathan Labrey, Head of Communications. Please disclose your name, address and affiliation, if any.
Baroness Hogg said:
“Holding an Annual Open Meeting is an important part of the FRC’s commitment to be a transparent and accountable regulator. It will be an opportunity to discuss our work during 2011/12 and hear views on our priorities for 2012/13. If you have issues you would like to raise, but cannot attend, please send us a note.”
Notes to Editors
- 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’s functions are exercised principally by its operating bodies (the Accounting Standards Board, the Auditing Practices Board, the Board for Actuarial Standards, the Financial Reporting Review Panel, the Professional Oversight Board and the Accountancy and Actuarial Discipline Board) and by the FRC Board.