ACCA - The global body for professional accountants
This is good news and bodes well for the future in terms providing a platform for effective and proportionate oversight of the accountancy profession. In addition, a strong, independent regulator is crucial when it comes to representing a UK voice on the global stage on audit, corporate governance and financial reporting issues
—Peter Large, executive director - governance, ACCA

ACCA (the Association of Chartered Certified Accountants) today welcomes the changes to the structure and operation of the Financial Reporting Council (FRC), announced jointly by the Department of Business, Innovation and Skills (BIS) and the FRC.

Peter Large, executive director – governance at ACCA, says of the FRC’s new arrangements: 'This is good news and bodes well for the future in terms providing a platform for effective and proportionate oversight of the accountancy profession. In addition, a strong, independent regulator is crucial when it comes to representing a UK voice on the global stage on audit, corporate governance and financial reporting issues.'

Responding to the original proposals in January 2012, ACCA said it was in favour of the streamlining of the FRC. 

Peter Large adds: 'For some time, we have maintained the view that the seven-board structure of the FRC was far from ideal. The simplification and streamlining of responsibilities of the kind announced today will make for a more effective and focused regulator which, in turn, will help reinforce public confidence and trust in the activities of auditors and accountants.'

Peter Large concludes: 'A well-regulated, and above all, accountable accountancy profession, one that acts in the public interest to deliver real and tangible public value – which means promoting responsible and ethical business and supporting global economic performance – is essential for the future.'

-Ends- 

For more information, please contact:

Helen Thompson, ACCA Newsroom
+44 (0)20 7059 5759
+44 (0)7725 498654
helen.thompson@accaglobal.com

Notes to Editors

  1. ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. 
  2. We support our 147,000 members and 424,000 students in 170 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 80 offices and centres and more than 8,500 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence. 
  3. Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers. 
  4. ACCA’s response to the BIS Consultation regarding the future of the FRC can be found on ACCA’s website in the 'Related Links' section to the left of this article.