News Article - 02 May 2007
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The Financial Reporting Council (FRC) has outlined its plans for the year 2007-08 and published its strategic framework.

In the recently released documents, the FRC writes that it has established a number of aims relating to the promotion of confidence in corporate governance and reporting, in addition to hopes of increasing public participation in the development of international financial reporting standards.

Paul Boyle, chief executive of the FRC, said: "Our strategic framework defines the outcomes we believe that we and our stakeholders should be working towards to promote well-founded confidence in corporate reporting and governance in the UK."

Among the proposals are plans to review the range of control over providing guidance on the application of the Companies Act 2006 in relation to auditor liability.

The FRC also plans to review the effect of the Combined Code on Corporate Governance.

It has announced that changes will be made to increase the organisation's transparency and efficiency.

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