Accounting Council
Definition
A UK advisory body established in 2012 that guides the Financial Reporting Council (FRC) on accounting and financial reporting policy, replacing the former Accounting Standards Board.
Example
Example 1:
Similar to how Nigeria’s Financial Reporting Council (FRC) sets and enforces accounting standards for Nigerian companies, the UK’s Accounting Council advises its own FRC on developing and refining financial reporting standards across British industries.
Example 2:
When the FRC was reviewing new financial reporting standards for UK small businesses in 2015, the Accounting Council played a key advisory role, analyzing the impact of proposed changes and recommending refinements before the final standards were officially issued.