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FRC to boost EU-wide influence

The UK Financial Reporting Council (FRC) wants to increase its influence on policy-making and standard-setting at European level.

In its yearly work plan, the FRC chief executive Stephen Haddrill said the consultation with stakeholders reveals a need for the FRC to maximise its influence in Brussels and internationally during a period of significant regulatory change.

“We must influence policy-makers and standard setters in the EU and globally, and will work to enhance this aspect of work, particularly in partnership with other institutions,” the FRC said.

The FRC Auditing Practice Board said it will continue to take an active role in influencing the work of the International Auditing and Assurance Standards Board (IAASB) and work towards the adoption of International Standards on Auditing (ISAs) across the EU.

Budget

Haddrill said the Government is challenging regulators to do more to reduce the costs of regulation and focus on risks and outcomes rather than processes.

“Our total budget is higher than the budget for 2010/11 because we estimate that accountancy disciplinary case costs will increase, reflecting the stage that a number of major cases will have reached in 2011/12,” Haddrill said.

The FRC’s core operating costs for accounting, auditing and corporate governance is however £0.7m lower than last years budget of £12.9m.

In October the FRC’s funding, representing 5% from the UK Department for Business, Innovation and Skills, was axed as part of government spending cuts.

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