The Financial Reporting Council (FRC) is the UK’s independent accounting regulator with a range of different functions from setting accounting standards to providing oversight and an independent investigation and disciplinary scheme for the accounting profession. Its functions derive from a number of different sources including UK Company Law and EU regulation.

Does Brexit therefore have any implications for the FRC and the functions it provides?

In the short term the answer is no. The FRC have rightly pointed out that their regulatory regime remains unaltered and that they will continue to exercise the role of the single competent authority.