Published date: 15 June 2022

Awarded contract - This means that the contract has been awarded to a supplier.


Closing: 6 May 2022, 12pm

Contract summary

Industry

  • Accounting services - 79211000

  • Business and management consultancy and related services - 79400000

  • Miscellaneous business and business-related services - 79900000

Location of contract

EC2Y 5AS

Value of contract

£38,000 to £50,000

Procurement reference

FRC2022-092

Published date

15 June 2022

Closing date

6 May 2022

Closing time

12pm

Contract start date

16 May 2022

Contract end date

18 October 2022

Contract type

Service contract

Procedure type

Open procedure (below threshold)

Any interested supplier may submit a tender in response to an opportunity notice.

This procedure can be used for procurements below the relevant contract value threshold.

Contract is suitable for SMEs?

Yes

Contract is suitable for VCSEs?

No

Description

**THIS OPPORTUNITY IS CLOSED. THIS IS A CONTRACT AWARD NOTICE***

The purpose of the Financial Reporting Council (FRC) is to serve the public interest by setting high standards of corporate governance, reporting and audit and by holding to account those responsible for delivering them.
Delivering on our purpose will bring a variety of benefits. Improved outcomes, created by each of our regulatory activities are shown in the circle; each of which can positively reinforce others in the circle and contribute to overall benefits for a wide range of stakeholders such as greater transparency, increased trust in UK markets and a lower cost of capital for companies. Our direct stakeholders include companies, institutional investors, auditors, actuaries, accountants and their respective professional bodies. Our indirect stakeholders include retail shareholders, suppliers, employees, customers, communities, pensioners and savers, and financial institutions, all of whom have an interest in the health of companies and other organisations within our existing and future regulatory scope and in the success of the UK corporate sector as a whole.

The FRC requirement was for for the development of content for the FRC's XBRL taxonomies relating to the implementation of IFRS 17 Insurance Contracts. This is to facilitate the mandatory requirement of full digital tagging of any standards to HMRC. To fulfil the requirement for the development of content for the FRC's XBRL taxonomies relating to the implementation of IFRS 17 Insurance Contracts the FRC are seeking to engage specialist input.

The ITT provided further information.

More information

Previous notice about this procurement

XBRL taxonomies IFRS 17 Insurance Contracts (Provision of consulting & advisory services)

  • Opportunity
  • Published 29 April 2022

Attachments

Additional text

**THIS OPPORTUNITY IS CLOSED. THIS IS A CONTRACT AWARD NOTICE***

Notes:-

• Download and review the documents;
• Observe the timelines and tender process
• Register your interest in this opportunity by email to procurement@frc.org.uk
• You will need to register your interest in this opportunity to receive the Q&A responses.

The FRC reserves the right to
• extend the contract by an additional 12 month
• to seek additional Services of the same nature under the contract (whilst capping the aggregated contract spend to no more than £165,000)

Award information

Awarded date

13 May 2022

Contract start date

1 June 2022

Contract end date

18 October 2022

Total value of contract

£50,000

This contract was awarded to 1 supplier.

Ernst & Young LLP

Address

1 More London Place, London, SE1 2AF

Reference

Companies House number: OC300001

Value of contract

£50,000

Supplier is SME?

No

Supplier is VCSE?

No

About the buyer

Contact name

Head of Procurement

Address

8Th Floor,125 London Wall
LONDON
EC2Y5AS
England

Telephone

020 7492 2300

Email

procurement@frc.org.uk