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FRC updates operating procedures for reviewing corporate reporting

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THE FRC has published a revised version of its Conduct Committee’s operating procedures for reviewing corporate reporting.

The changes to the operating procedures, which are effective from 1 April 2016, primarily reflect the changes being made to the FRC’s governance and executive structure.

In its corporate reporting review work the FRC seeks to ensure that the financial information provided by public and large private companies to investors and other stakeholders complies with relevant reporting requirements.

A further review of the operating procedures will take place over the coming months and will likely result in more extensive changes being proposed which will be subject to public consultation, the FRC said.

At its annual priorities meeting in February, FRC chief executive Stephen Haddrill announced the body will refrain from introducing further codes and standards until at least 2019, and instead focus on “bedding in” and fully implementing existing changes to the code.

Addressing FRC stakeholders at the meeting, Haddrill said it was important to ensure changes introduced to the body’s codes and standards functioned correctly before any further change takes place.

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