The U.K. Financial Reporting Council’s (FRC) long-planned transition to become the Audit, Reporting and Governance Authority (ARGA) appears to be taking place no time soon.
The King’s Speech in November did not include parliamentary time to enact the legislation to create ARGA. The omission signified it is unlikely the FRC’s supposedly tougher replacement will be up and running before 2026/27—a prospect that might seem even more doubtful given there will be a general election by January 2025.
