What is the FRC?

The FRC, an abbreviation for Financial Reporting Council, is the independent regulatory body responsible for the development of generally accepted accounting practice (UK GAAP) in the United Kingdom.

They are also responsible for issuing Financial Reporting Standards (FRS) which offer guidance and rules on the preparation of financial statements for non listed companies in the UK. Listed companies are required to adopt the standards of the IASB.

With the issue of FRS 100 to FRS 102 the framework has been set for what has been termed new UK GAAP which takes mandatory effect from January 2015.

Additional information on the FRC can be found in our accounting principles tutorial.

For further information see the Wikipedia definition.

Learn a new bookkeeping term

Random bookkeeping terms for you to discover.

Link to this page

Click in the box and paste this FRC definition link to your site.

Return to the Dictionary

FRC March 23rd, 2016Team

You May Also Like

Related pages

usefulness of variance analysisexamples of sundry expenseslease accounting entriesfinancial leverage ratio formulaliquidity ratio formulasdebit and credit journal entriescash flow in excel formatcalculate degree of operating leverageaccounting closing entries processtimes interest earned equationreceivables turnover rateaccounting principles and conventions pdfbeginning finished goods inventory formulastock turnover ratio formuladefine contra assetgift card breakagecapital lease amortization schedulefinding payback periodaccounts payable a credit or debitjob worksheet templateinventory turnover accountingexamples of petty cashasset depreciation calculatorannuity tables pdfpresent worth excelvalue depreciation calculatorposting journal entries to ledger accountswhat is fixed asset turnover ratioprovisioning in accountingjournal entry for bad debt expensepoc method of accountingworking capital formulasfactoring flowcharthow to find doubling timejournal entry for account payablewhat does accrued expenses meanperpetual accounting systemaccounts payable reconciliation templatewhat is an allowance for doubtful accountshow to calculate manufacturing overhead costwhich of these equations shows how installment loans are calculatedfreight prepaid and addgross profit fifohow to calculate operating profit margin ratioaccounts payable internal control proceduresbond discount calculatorequity method journal entries examplesaccounting system flowchart diagramexample of a multi step income statementfactory overhead examplescalculate gross margin in excelcalculating finished goods inventoryproject profitability index calculatordeferral accounting definitionwhat is sundry assetswhat are accrued salariesconvertible bonds accounting journal entriesmark up percentage formulaerrors affecting the trial balancebookkeeping meaning & definitionwhich journal would adjusting entries be foundadjusting entries affect the cash accountadjusting entries for prepaid insurancewhat is double entry bookkeeping definitionformula to calculate simple interest and compound intereststockholder equityretained earnings accounting entry9 steps in accounting cycleformula for effective annual rateaccounting rate of return disadvantagesbookkeeping stepsincome normal balanceexample of a contra accountrecording prepaid expenseswhat are prepayments in accountingsample chart of accounts for merchandising business