The REPARIS Financial Reporting Community of Practice (FRCoP) was established to bring together a group of active practitioners from participating countries to work together towards developing financial reporting requirements and practices, aligned with the acquis communautaire,which reflected 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. The FRCoP sought to provide a bridge between the requirements and practices 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 needed to maintain more than one set of accounting records or prepare more than one set of financial statements.

In January 2012, the FRCoP was combined with the Accounting and Oversight Community of Practice to form the Corporate Financial Reporting Community of Practice (CFRCoP).