Principles-based regulation

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Corporate reporting is too complex and needs “urgent change,” according to a discussion paper from U.K. regulator the Financial Reporting Council (FRC).The International Accounting Standards Board should overhaul its standards so each one has an easy-to-follow structure with a clear statement of what it is supposed to achieve, the FRC...

The head of the U.K. Financial Services Authority has signaled the end of its principles-based philosophy of regulation and told companies they should be “frightened” of the tough approach it plans to take in future.In his second important speech in a matter of days, FSA Chief Executive Hector Sants conceded...