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.


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.

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“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.