FSR was established in 1912 as a voluntary membership organization for accountancy professionals. In 2011, three audit institutes—FSR (chartered accountants), the FRR (Danish Institute of Certified Public Accountants), and the REVIFORA (association for younger accountants or trainees)—merged into one association under the FSR name. Auditors in Denmark are not required to be members of the FSR, but FSR states that the majority of State Authorized Public Accountants in public practice are members. FSR’s responsibilities include (i) prescribing accounting and auditing standards; (ii) establishing and enforcing ethical requirements; (iii) cooperating with DBA for investigation & discipline of FSR members; and (iv) collaborating with the Danish Business Agency and the Danish Financial Supervisory Authority on the establishment of initial and continuing professional development requirements. In addition to being an IFAC member, the FSR is a member of the Accountancy Europe and the Nordic Federation of Accountants.