Financial Reporting Council
FRC A British accounting regulatory authority The FRC has five operating boards, including the Accounting Standards Board (ASB) and the Financial Reporting Review Panel (FRRP), to which it provides policy guidance. The FRC’s main objective, as stated at its Web site, is to "promote and secure good financial reporting" in the United Kingdom. The ASB is responsible for issuing British *accounting standards, while the FRRP examines alleged contraventions of British *Generally Accepted Accounting Principles. Web site: www.frc.org.uk

Auditor's dictionary. 2014.

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