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⍰ ASK What is the role of the Financial Reporting Council (FRC) in overseeing company financial reporting in the UK?

The FRC is crucial for overseeing company financial reporting in the UK. As the independent regulator it sets and enforces accounting and auditing standards, ensuring transparent financial information.

The FRC issues the UK Corporate Governance Code, guiding good governance practices. Through bodies like the FRRP, it checks financial reports for compliance. The FRRP specifically ensures company accounts follow accounting standards accurately.

The FRC also manages accounting standardby endorsin International Financial Reporting Standard in the UK.
 

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