The vision of the REPARIS Financial Reporting Community of Practice (FRCoP) is that business entities in each of the participating countries will prepare and make available high quality financial statements that meet the needs of their managements, current and potential investors, other providers of finance, the tax authorities, other appropriate regulatory and supervisory authorities and those responsible for national statistics and macro-economic data.
In seeking this vision, the FRCoP recognizes that the resulting financial reporting requirements and practices should be aligned with the acquis communautaire. They should reflect the nature and size of entities, their preferred methods of financing and the costs and benefits to entities and the users of their financial statements. Therefore, the FRCoP will seek to provide a bridge between the requirements and practices that are necessary to meet different needs (for example, those of investors and those of tax authorities or supervisory authorities) and, as a result, minimize the extent to which entities have to maintain more than one set of accounting records or prepare more than one set of financial statements.
In order to achieve this vision, the FRCoP has established the following objectives for the five years to 31 December 2014:
- Identify common solutions to shared challenges of financial reporting regulation and requirements
- Facilitate peer learning
- Facilitate speedy replication of the best international practices
- Promote appropriate and sustainable partnerships with relevant EU and global bodies (EC, CESR, IASB, IFRS Foundation, EFRAG, FEE, etc.)
From January 2012, the FRCoP was combined with the AOCoP to form the Corporate Financial Reporting Community of Practice (CFRCoP)
Activities of the FRCoP