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 quarter April – June 2009.

During the quarter, the FRC:

• Received more than 100 hundred responses to its invitation to comment on the content and application of the Combined Code. The FRC will issue a progress report towards the end of July, summarising the comments received.
• Published an exposure draft of updated guidance for directors of UK companies to assist them with their assessment of going concern and in evaluating the nature and extent of disclosures relating to going concern.
• Published a discussion paper on principles and actions for making corporate reports less complex and more relevant.
• Published a third report from the Market Participants Group on the implementation of its recommendations aimed at increasing choice in the UK audit market.
• Issued exposure drafts of clarified ISAs (UK and Ireland).
• Published exposure drafts of Technical Actuarial Standards (TASs) on data (TAS: D) and modelling (TAS: M), and draft principles for a TAS on Pensions (TAS: P).

In the July – September 2009 quarter, the FRC is planning to publish:

• The Professional Oversight Board’s report to the Secretary of State for Business, Innovation and Skills.
• An exposure draft on amendments to UITF 42 and FRS 26: Embedded Derivatives
• An ASB discussion paper on policy proposals for the future of UK GAAP
• A consultation paper on principles for inclusion in the Technical Actuarial Standards on Insurance (TAS: I)

The FRRP will complete its review of impairment disclosures during the next quarter.

FRC Chief Executive, Paul Boyle, said:

“We have made a good start on the major activities and projects included in our Plan for 2009/10. We have continued to focus on the challenges of the current tougher economic conditions for corporate reporting and governance, playing our part in helping market participants respond to those challenges, and on influencing international developments relating to corporate reporting and governance.

Our review of the content and application of the Combined Code will move to the next stage in the next quarter. “

1. The Financial Reporting Council (FRC) is the UK’s independent regulator responsible for promoting confidence in corporate reporting and governance. Its 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.
2. The FRC’s published its 2009/10 Plan on 23 April 2009.
3. All media enquiries should be addressed to David Andrews, Policy and Planning Manager, +44 (0) 20 7492 2382 email: d.andrews@frc.org.uk