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Materials from the Financial Reporting Council

The Financial Reporting Council (FRC) is the UK's independent regulator responsible for promoting confidence in corporate reporting and governance. The FRC is responsible for promoting high standards of corporate governance. It aims to do so by:

  • Maintaining an effective Code on Corporate Governance (the UK Corporate Governance Code) and promoting its widespread application.
  • Ensuring that related guidance, such as that on internal control, is current and relevant
  • Helping to promote boardroom professionalism and diversity; and
  • Encouraging constructive interaction between company boards and institutional shareholders.

The following sets out the key documents issued by the FRC on corporate governance.

The UK Corporate Governance Code - the UK Corporate Governance Code sets out standards of good practice in relation to issues such as board composition and development, remuneration, accountability and audit and relations with shareholders.

The UK approach to Corporate Governance - a publication produced by the FRC in 2006 as part of the "City of London - City of Learning" initiative.

Internal control - the Turnbull Guidance on internal control sets out best practice on internal control for UK listed companies, and assists them in applying section C.2 of the Combined Code.

Guidance on audit committees - the FRC guidance on Audit Committees (formerly known as the Smith Guidance) was first published in 2003 and updated in 2005 and 2008. A new edition of the guidance was issued in December 2010. It is intended to assist company boards when implementing the sections of the UK Corporate Governance Code dealing with audit committees and to assist directors serving on audit committees in carrying out their role.

Going Concern and Liquidity Risk - Going Concern and Liquidity Risk: Guidance for Directors of UK Companies 2009 was published in October 2009 and is effective for accounting periods ending on or after 31 December 2009. The Guidance is based on three principles covering the process which directors should follow when assessing going concern, the period covered by the assessment and the disclosures on going concern and liquidity risk. The Guidance applies to all companies and in particular addresses the statement about going concern that must be made by directors of listed companies in their annual report and accounts. It supersedes the Guidance for Directors of Listed Companies that was issued in 1994.

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