The Financial Reporting Council (FRC) in the UK has opened applications for new members to join its UK GAAP (Generally Accepted Accounting Practice) Technical Advisory Group (TAG), which advises on accounting standards in the UK and the Republic of Ireland.
The TAG comprises up to 15 financial reporting specialists with varied sector backgrounds operating under the UK and Ireland framework.
The group supports the development and maintenance of accounting standards, including Statements of Recommended Practice (SORPs).
It assists the FRC on matters such as conflicting interpretations, emerging risks to reporting quality and the impact of changes in IFRS (International Financial Reporting Standards) Accounting Standards, as well as “meeting users’ information needs and the wider public interest”.
The FRC is inviting applicants for the “voluntary and unpaid” role from both for-profit and not-for-profit settings.
“To support diverse representation within the TAG, the FRC is particularly interested in candidates with experience in a preparer role and candidates from the Republic of Ireland,” the statement said.
Individuals with suitable experience can apply up until 30 June 2026.
The FRC recently initiated an investigation into several small accountancy practices that worked for collapsed mortgage lender Market Financial Solutions.
Creditors that had reportedly lent more than £2bn ($2.6bn) to the group have since alleged fraud. The collapse has sharpened scrutiny of underwriting in asset-backed lending.
Last month, the FRC sanctioned BDO for “significant and serious” failures in the 2019 audit of collapsed construction company NMCN. The regulator also fined audit partner Geraint Jones, who signed off the audit.
“FRC seeks new members for UK GAAP advisory group” was originally created and published by The Accountant, a GlobalData owned brand.
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