UK: the reform of the Financial Reporting Council

In a joint statement published today, the Department for Business, Innovation and Skills and Financial Reporting Council (FRC) published proposals for the reform of the FRC: see here (pdf). These include changes to the FRC's organisational structure as well as providing the FRC with the power to sanction audit firms for audit shortcomings. It is intended that those reforms requiring implementation through secondary legislation will take effect in early July this year. The FRC has published a statement in which it announces various appointments in respect of its new structure: see here.