The FRC sets UK and Ireland accounting standards. Standards are amended periodically in response to particular issues or regular reviews. Standards are developed after taking account of outreach with stakeholders.
The International Auditing and Assurance Standards Board (IAASB) sets high-quality international standards for auditing, assurance, and quality control that strengthen public confidence in the global profession.
UK Endorsement of International Accounting Standards
Currently, EU-adopted IAS are required to be applied in the consolidated accounts of listed UK companies and may be applied in the parent or individual company accounts of listed UK companies and can be applied by all other companies. The EU IAS Regulation (1606/2002) is the Regulation which introduced this requirement for all listed companies in the EU.
AIA responds to many invitations for comment, including consultation and discussion papers, published by regulatory bodies, government, standard-setters on a range of topics affecting the work of our members. Working alongside our members we seek to make a strong contribution to policy and debate and in doing influencing the shape and future of the profession.
The work of the international, independent standard-setting boards produce high-quality, global standards for audit and assurance, professional ethics, public sector financial reporting, and professional skills and competencies.