FRC 'to collect contributions to IASB'

News Article - 27 March 2007
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Plans for the Financial Reporting Council (FRC) to take on board responsibility for collecting the country's contribution to the International Accounting Standards Board (IASB) are understood to have been informally agreed to.

Should the proposal be set into place, listed companies would have to pay around £550 to replace the current model in which some businesses pay significant amounts, Accountancy magazine reports.

According to the publication, the Financial Services Authority, the Treasury and the Department of Trade and Industry have all agreed to the proposal in principle.

The levy is also being directed at overseas companies which have a secondary listing in the UK.

Collecting the levy is hoped to earn the FRC around £4.2 million, constituting one-third of the organisation's running costs.

The FRC's chief executive, Paul Boyle, said: "We regard our proposal to recover the cost of the UK contribution to the IASB as fair and cost-effective."

Earlier this month the IASB consulted with the FRC on the restructuring of funding amid plans to make changes to the system.

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