FRC UK Statement on the referendum vote to leave EU – Our regulatory framework is unchanged and we will continue to apply it.

FRC UK statement following the referendum vote to leave EU

24 Jun 2016

“Stakeholders have asked about the implications of the referendum result for our regulatory work. Our regulatory framework is unchanged and we will continue to apply it. The FRC will also continue to play its part in representing the interests of the UK internationally. We will pay close attention to the decisions now taken by the Government and Parliament, and continue to work in collaboration with our key stakeholders, particularly investors, business and the professionals we regulate, in order to ensure our work continues to support economic growth.”

 

Note:

The Financial Reporting Council (FRC) is the UK’s and the Republic of Ireland’s independent regulator responsible for promoting high quality corporate governance. The FRC incorporates six operating bodies. The FRC set standards for corporate reporting, audit and actuarial practice and monitor and enforce accounting and auditing standards. It also oversee the regulatory activities of the actuarial profession and the professional accountancy bodies and operate independent enforcement arrangements for public interest cases involving accountants and actuaries in the UK and the Republic of Ireland. The six operating bodies of FRC are as under:

1. Accounting Standards Board (ASB)
2. Financial Reporting Review Panel (FRRP)
3. Accountancy & Actuarial Discipline Board (AADB)
4. Professional Oversight Board (POB)
5. Auditing Practices Board (APB), and

6. Board for Actuarial Standards