Analysis of Changing Institutional Environments, New Accounting Policies, and Corporate Governance Practices in the UK GEORGE IATRIDIS, ΠΑΝΕΠΙΣΤΗΜΙΟ ΘΕΣΣΑΛΙΑΣ
The main accounting regulatory authority in the UK is the Financial Reporting Council (FRC). The FRC is independent and sets standards for fi nancial reporting and auditing. It is responsible for the monitoring and enforcement of those standards and works closely with the professional bodies to enhance the quality of accounting practice and reporting. The primary aim of the FRC is to reinforce the effi ciency and credibility of the UK fi nancial reporting and auditing system and to strengthen national and international investors’ and other market participants’ confi dence.