Brexit

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
 
Share

Recent Posts

  • ICAI

Last date to submit MEF 2026-27 extended to 09.09.2026

ICAI has extended the last date to online submit Multipurpose Empanelment Form (MEF)- 2026-27 from 29th August 2026 to 9th…

25 minutes ago
  • Income Tax

Validity of demand u/s 156 for default u/s 115-O, if assessment order u/s 143(3) has Nil demand

Can a demand notice be issued u/s 156 for non-payment of Dividend tax u/s 115-O, when as per assessment order…

2 days ago
  • Income Tax

Issue already examined and adjudicated by CIT(Appeals), can’t be reopened on same set of facts

The issue already examined and adjudicated by the quasi-judicial authority, i.e., CIT(Appeals), cannot be reopened on the same set of…

3 days ago
  • Income Tax

TDS can’t be denied for non deposit of tax deducted by the deductor – High Court

One TDS is deducted, credit has to follow, failure of deductor to deposit the amount to the credit of the…

4 days ago
  • Income Tax

Cash withdrawal from bank can’t be taxed u/s 69C as unexplained expenditure – ITAT

Merely because assessee did not explain purpose of cash withdrawal from bank, it can not be taxed u/s 69C as…

4 days ago
  • GST

A bland statement of ‘fraud or concealment of facts” in GST Notice u/s 74 not sufficient – SC

In GST Notice u/s 74, allegations should emanate from itself, a bland statement of ‘fraud or concealment of facts” not…

7 days ago