FINANCE

The future of Financial Reporting

The future of Financial Reporting

Introduction

Financial reporting council is considered as United Kingdom largest and authentic source of provided accurate financial information to the valued customer, stakeholders, and shareholders of all small and medium size business entities operating in United Kingdom (Bis, 2011).

Consider as authentic financial reporting council, it is the prime responsibility of the FRC to produce and promote efficient quality of corporate accountability and reporting of all business entity and make it visible to possible future investors (Bis, 2011).

Further, it is the mission of FRC to ensure that all the business entities are providing effective reports to all their prime stakeholders, as this will become the reason of increasing the efficiency of UK market and provide support to government plan of achieving maximum growth (Bis, 2011).

Discussion

Approach and regulating style of FRC

Financial reporting council has a large history and has able to achieve various level of success in its credit, and has able to gather the support of majority of capital market in the professions of accountancy. In addition to this United Kingdom system of governance and accountancy codes of conduct are based on principles and that makes this state unique among all countries (Bis, 2011).

In order to achieve the mission and vision financial reporting council is implementing on defined principles and planning to achieve following standards

The prime agenda of FRC is that it wants to ensure the addressing of most important issues that are being faces by majority of corporate governance and other financial institution by according to the described principles in the UK law and aims to provide result that could be beneficial for all (Bis, 2011), (Taylor, et al, 2011)

Financial reporting council desperately wants and aims to meet the effective principles of becoming the most dependent accountable, transparent and consistent unit, it also aims to constantly monitor current developments in the market and provide strict leadership and guidelines as described in its limits by UK law (Bis, 2011).

It is the mission of FRC to provide all the necessary support to all business units in raising the standard of work, and ensure that in dealing with others responsibility its prime objectives are not distracted (Bis, 2011).

It is the responsibility of FRC to hire individuals that are experience and capable in generating accounting reports of all business entities and must of the knowledge of current accounting standards and software's. In addition to these, FRC must insure that all the new people are working according to the guidelines prescribed by the UK law and are not providing unnecessary benefits to anyone.

Above explained are considered as the characteristics of FRC procedure of working, as the prime objective of strengthening the current policies. Bases on these principles FRC is considered as the independent entity among the units it regulates and monitors. In addition to this the role and effectiveness of FRC in the market is based on its professional attitude and it must be kept at all cost (Taylor, et al, ...