The UK Financial Reporting Council’s (FRC)
main priorities in the coming year will be to influence
international developments and ensure standards remain fit for
purpose.

The priorities are part of its plan and budget
for 2012-2013. Areas of focus will be:

  • Monitoring the health of corporate governance
    and reporting in the UK making sure its codes and standards remain
    fit for purpose and changes are introduced at the right time;
  • Making sure the UK’s approach to corporate
    governance and reporting is properly understood and appreciated in
    the EU and internationally.
  • Working with the Department for Business to
    press for the policies of the EU on governance and audit to serve
    the interests of investors;
  • Focusing on the effectiveness of its
    monitoring, oversight and disciplinary work, ensuring that the FRC
    is responsive to emerging risks, joined up, transparent and
    proportionate. The FRC will review further the scope of its conduct
    work and sanctions; and,
  • Following Government approval and subject to
    Parliamentary debate, the FRC will ensure that the final decisions
    on the reform of the FRC are introduced effectively.

The FRC said its overall budget for 2012/13
will be £22.4m, and the budget for core operating costs will be
£14.6m, down 2% compared to 2011/12. It also said there will be no
increase in the average levy charged to publicly traded companies,
insurance companies and pension schemes.