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August 22, 2011

FRC launches solution for accounting issues

A new service offered by a UK regulator will allow companies, investors and advisors to come up with solutions for accounting issues.

The Financial Reporting Council (FRC) will launch the Financial Reporting Lab on 14 October to act as an enabling service providing solutions to accounting anomalies or variances showing up in financial reporting.

The FRC says the Lab, which will sit within the current regulatory framework, will be a forum for companies and investors to identify financial reporting issues and then come up with solutions with the regulator acting as a sounding board. Wider accounting issues could also be discussed through an industry-by-industry approach.

Discussions between parties will remain confidential. However, the lab plans to report on the lessons learned when appropriate.

The regulator added that it will be unable to ‘pre-clear’ sets of accounts from further investigation that are subject to discussions. 

According to the FRC there is already interest from corporate and investment communities.

 

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