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Financial Reporting Council The independent regulator for promoting confidence in corporate reporting and governance

Procedures


Standard Development Procedures
1.0       Status of Procedures
These procedures are constrained by the requirements of the Financial FRA, the Charter of the SRP and the Policies adopted by the FRC in respect of standard development and reviewing.  They are not intended to be all encompassing and highlight particular issues only.  These procedures may be amended by the FRC, if need be.
2.0       Meetings
The SRP will meet as a whole Panel at least once every three months.  Subsets of the SRP, Teams/working parties will most likely meet more regularly than this on specific areas of work.  Other individuals may be invited to attend or to contribute to specific SRP and or Team meetings if required.  These invitees shall not vote on matters for decision.  A quorum for meetings will be five persons.
3.0       General Basis for Procedures
The SRP is expected to ensure issues related to financial reporting, accounting and auditing standards are communicated fully and to as broad an audience as possible through appropriate FRC channels.  The SRP will seek input from affected stakeholder groups.  Any standards or guidelines or requirements and materials issued will be expressed clearly, in English and shall provide adequate explanation for the item issued. 
4.0       Voting
Voting procedures reflect the importance in the standard development and review process of the particular subject for decision.  Subject to the ensuing paragraphs, all questions arising at meetings of the SRP or any sub-team or working party shall be decided by a simple majority vote by a show of hands.
The decision to recommend a standard to the FRC for adoption, or to publish, amend or withdraw a standard, shall require the vote of a two-thirds majority of all members, whether present at the meeting or not.  Those in attendance will be required to vote by secret ballot/a show of hands (FRC to decide) while those not in attendance will vote via email.
All questions relating to guidance, educational and other materials (not standards or materials with authority or that are regulatory in nature), shall require a simple majority of all members of the Panel, whether present at the meeting or not.  Those in attendance will be required to vote by secret ballot/a show of hands (FRC to decide) while those not in attendance will vote via email.
5.0       Teams/Working Parties
The SRP may need to co-opt individuals with particular expertise to assist in the work of the Panel.  Such co-option shall be discussed with the Chief Executive Officer (CEO) of the FRC prior to the co-option.  Each sub-team that is established under the SRP shall have its brief terms of reference and will be responsible for a specific area and range of work.  Teams or working parties may be used in an advisory manner and for specific projects by the SRP.
6.0       International Relations
The FRC is expected to interface with key international standard setters.  The two bodies most connected to the SRP work will be the International Accounting Standards Board (IASB) and the International Federation of Accountants (IFAC).
The CEO shall be responsible for all contacts with the IASB and the IFAC on standard development matters.  The CEO shall also monitor and collaborate on activities related to standard setting with other international regulators.
The SRP shall keep itself update and align its work programme with that of both the IASB and the IFAC in order to ensure full knowledge of international developments.  It shall also contact other standard setters on matters concerning new standards or interpretations of standards.
7.0       Consultation
Before publishing any standard or guidance material that the SRP has developed, the SRP will undertake consultative processes.  As a minimum, it will ensure the draft standard is circulated for comments to the Mauritius Institute of Professional Accountants (MIPA) and  other key interested parties and regulators.  Such parties should not be limited to the accounting or auditing profession and may include preparers and users of financial statements.  Circulated materials may be in hard copy or in electronic format.
To ensure full consideration, the comment period on a draft standard or any amendment to financial reporting, accounting or auditing standard shall be not less than 21 days and not more than 2 months from the last date of the publication of the relevant notice.  Having regard to the urgency of any matter urgent or if circumstances so require, a shorter period than 21 days  may be considered.
Comments to the FRC and the SRP shall be submitted in writing and signed by the author.
8.0       Communications

All communications on standards will be in the form and style determined by the FRC.  Wide use of electronic communications is encouraged.
No SRP member shall hold himself out to be a spokesperson for the FRC.
9.0       Publications
All FRC standards are to be issued in the manner and form required in the FRA and in any other manner and form determined by the FRC.
The SRP will establish a hierarchy of output, clearly distinguishing outputs which are mandatory from outputs that are advisory and educative in nature.  This hierarchy will be communicated to stakeholders.
Press releases related to accounting and auditing standards matters, all SRP approved publications, bulletins, and draft documents for consultation shall be posted on the website of the FRC.  In the interests of transparency, meeting agendas and a summary of the work programme will also be posted to the relevant area of the website.
10.0     Copyright
Full copyright interests in all materials developed by the SRP and issued under the auspices of the FRC are retained by the FRC.
11.0     Warranties

The FRC shall only warrant as accurate and unchanged the full and final hard copy of any document issued by the SRP through the FRC.
12.0 Date of application
These procedures are approved by the FRC and are effective on 18 September 2013.