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.
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