Published date: 19 March 2024
Closed opportunity - This means that the contract is currently closed. The buying department may be considering suppliers that have already applied, or no suitable offers were made.
Contract summary
Industry
Research and development services and related consultancy services - 73000000
Location of contract
EC2Y 5AS
Value of contract
£42,000
Procurement reference
FRC2024-008
Published date
19 March 2024
Closing date
11 April 2024
Closing time
12pm
Contract start date
29 April 2024
Contract end date
30 September 2024
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?
Yes
Description
The Financial Reporting Council (FRC) regulates auditors, accountants and actuaries and sets the UK's Corporate Governance and Stewardship Codes.
The FRC is also a prescribed body for issuing accounting standards in the UK and Republic of Ireland. The FRC's overriding objective in setting accounting standards is to enable users of accounts to receive high-quality, understandable financial reporting proportionate to the size and complexity of the entity and users' information needs.
This research project will engage with UK companies to gather data about their use of a particular UK accounting standard: FRS 101 Reduced Disclosure Framework. However, the project will not require the successful contractor to have specialist knowledge of accounting.
PURPOSE AND OBJECTIVES
(1) Groups applying FRS 101
The research will collect information from groups of companies that have chosen to apply FRS 101 in the preparation of UK qualifying entities' financial statements. For these groups, below is a snapshot of what we would like to know:
a) the most significant reasons for preparers' choice to apply FRS 101 to the financial statements of qualifying group entities, and who (i.e. which job function) made this decision;
b) which of the FRS 101 disclosure exemptions preparers consider to be useful, less useful, and why;
(2) UK listed groups not applying FRS 101
The research will also engage with UK listed groups that could have chosen to apply FRS 101 in the preparation of qualifying entities' financial statements but did not do so. For these groups, below is a snapshot of what we would like to know:
a) the most significant reasons why UK listed groups choose not to apply FRS 101, and who (which job function) makes this decision;
b) what, if any, changes to FRS 101 would make these preparers likely to consider applying FRS 101 in the future and why these changes would be beneficial; and
The research will identify prevalent views and concerns of UK listed groups. It should therefore include a sufficient number of participants of each type to ensure that prevalent views are identified. The FRC will consider significant matters identified by the research in more detail and may seek further evidence through its own stakeholder consultation and outreach activities.
The research population will be UK groups listed on the London Stock Exchange Main Market (LSE MM - comprising FTSE 100 and FTSE 250 constituents, plus smaller main market listed entities) and the London Stock Exchange Alternative Investment Market (LSE AIM). In total this is expected to be approximately 2,000 groups. The FRC would like to collect information from across this population. The FRC will provide the appointed contractor with a definitive list to form the basis of the research population, having first removed listed entities which do not file group accounts and which are therefore assumed not to qualify to use FRS 101.
PLEASE REFER TO THE ITT FOR FULL DETAILS.
More information
Attachments
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- 01_FRS101_Research_ITT_Final.pdf
- Technical specifications
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- 02 Tender Response Final.docx
- Bidding documents
Additional text
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Note:
• 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 does not anticipate bids exceeding £72,000 incl. VAT.
About the buyer
Contact name
Head of Procurement
Address
8Th Floor,125 London Wall
LONDON
EC2Y 5AS
United Kingdom
Telephone
020 7492 2300
Website
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Closing: 11 April 2024, 12pm