FRC

The Financial Reporting Council (FRC) is a unified, independent regulator that aims to promote confidence in corporate reporting and governance in the United Kingdom. It is a company limited by guarantee, partly funded by government and the industry and its Board of Directors is appointed by the Secretary of State for Business, Enterprise and Regulatory Reform.

The FRC's subsidiaries play important roles in the oversight and development of corporate governance standards in the UK, such as the Combined Code and standards for the accounting industry.

The FRC incorporates six operating bodies:

• Accounting Standards Board (ASB)
• Financial Reporting Review Panel (FRRP)
• Accountancy & Actuarial Discipline Board (AADB)
• Professional Oversight Board (POB)
• Auditing Practices Board (APB)
• Board for Actuarial Standards (BAS)