Financial Reporting Review Panel

This key objective is primarily achieved through the Financial Reporting Review Panel's (FRRP) examination of directors' reports and financial statements of public and large private companies to see whether they comply with company law and relevant accounting standards (whether UK GAAP or IFRS).

As financial markets remain in distress, the Panel's work is becoming more relevant and of greater interest to both preparers and users of financial statements and the frequency of information published by the Panel has also increased over the last year.

In the words of the FRRP chairman, Bill Knight, in order to meet the needs of users financial statement disclosures need to be "full, frank and company-specific and should avoid generic descriptions of the economy which do not help users to understand how the board is responding to the challenges faced by their particular company."