Regulatory Framework of Accounting

Regulation

Regulatory Bodies

Definitions

Accounting Profession

European Union

The Government

Stock Exchange

Legislation

SSAP's

FRS's

Directives

Listing Rules

Comparable

Compliant

Consistent

Uniform

The Companies Acts 1963, 1990, 2003, 2006 and 2014

Under legislation different classifications of business have been created

Public companies

Large private companies

Medium Private Companies

Small private companies

The balance sheet total is the sum of the fixed and current assets

Turnover is income from normal business activities

The average number of employees is the weekly average employed by the company

Statement of Standard Accounting Practice

statements on how certain transactions should be dealt with

Financial Reporting Standards

An updated version of the SSAP's

Seventh

Eighth

Fourth

2006

Amount of disclosure in final accounts

Consolidating company accounts

qualification and regulation of auditors

amendments to other directives

financial arrangements and/or contracts

breakdown of loans

half yearly reports

statement of interest

principal country

Geographic breakdown of profits

changes to capital structure

The Financial Reporting Council

The Urgent Issues Task Force (UITF)

The Auditing Practices Board (APB)

The Review Panel

The Professional Oversights Board (POB)

Accounting Standards Board (ASB)

The Accounting and Actuarial Disciplinary Board (AADB)

issues all new accounting standards

Ask for final accounts to be redone has the authority for legal action

Assist the ASB

develop auditing procedures and practice

monitor audits

deal with malpractice

The Audit

An audit is an independent examination of company financial statements

It must comply with the companies act

it must show a true and fair view

All information must be available and included

Accounting concepts must be followed

Accounts must be consistent

Results

Unqualified Report

Qualified Report

is a clean report, it states that conditions have been met

means the company is not complying to standards