News Article - 21 May 2012
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The UK's Financial Reporting Council (FRC) should consult less and concentrate its efforts on fewer areas, a leading accountant suggests.

Richard Dyson, president of the Institute of Chartered Accountants in England and Wales (ICAEW), claims that the growing mountain of papers and proposals is providing an additional burden for companies.

According to the Financial Times, Mr Dyson called on the FRC at the institute's annual dinner and stated that "the sheer volume of consultation documents creates additional burdens for many".

Funded by the government, accounting institutes and business levies, the FRC is charged with restoring confidence in management reporting and governance following accounting scandals at Enron and WorldCom.

Paul Boyle, FRC chief executive told the newspaper: "I look forward to the institute's response to our recent annual plan and budget, particularly their suggestions as to which projects we might cut."

Responding to this week's Budget, unveiled by chancellor Alistair Darling, the ICAEW stated that it was disappointed that more had not been done to boost Britain's competitive status.

However, Michael Izza, ICAEW chief executive, welcomed the news that Mr Darling is delaying income shifting legislation and stated that he had expected the Budget to concentrate on economic stability, given the climate of uncertainty.

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