Accounting Standards

Accounting standards are a common set of principles, standards and procedures that define the basis of financial accounting policies and practices within specified jurisdictions. In the UK, the Financial Reporting Council (FRC) regulates the activities of auditors, accountants and actuaries and sets the Financial Reporting Standards (FRS), as well as the UK Corporate Governance and Stewardship Codes. The FRC is accountable to the Department for Business, Energy, and Industrial Strategy. In the United States, the Generally Accepted Accounting Principles (GAAP) are set from by the Financial Accounting Standards Board (FASB) and are adopted by the SEC. The International Accounting Standards Board set International Financial Reporting Statements (IFRS), which many other jurisdictions adopt including the EU.