Britain’s accounting watchdog will abandon the majority of the 18 proposed changes to corporate governance rules in the latest set back to reforms.
Britain’s auditing watchdog has revealed over half of its proposed changes to corporate governance rules are being ditched, as it described the move to omit legislation from the King’s Speech to create a more powerful accounting regulator as “disappointing”.
He said it was “disappointing” that the Government had delayed primary legislation to create a more powerful accounting regulator, leaving it out of the King’s Speech.However, the FRC on Tuesday also announced a major row back on its earlier aims to overhaul the UK corporate governance code. “Taking all these factors into account, the FRC considers the right balance at the current time is to take forward only a small number of the original 18 proposals we set out in the consultation and to stop development of the remainder.”
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