FRC
From Financialjargon
Definition of FRC
The Financial Reporting Council is the UK’s independent regulator responsible for promoting confidence in corporate governance and reporting.
Accounting standards developed by the ASB are contained in 'Financial Reporting Standards' (FRSs). Soon after it started its activities, the ASB adopted the standards issued by the ASC, so that they also fall within the legal definition of accounting standards. These are designated 'Statements of Standard Accounting Practice'