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Regulatory Framework of Accounting (The Financial Reporting Council (The…
Regulatory Framework of Accounting
Regulation
Comparable
Compliant
Consistent
Uniform
Regulatory Bodies
Accounting Profession
SSAP's
Statement of Standard Accounting Practice
statements on how certain transactions should be dealt with
FRS's
Financial Reporting Standards
An updated version of the SSAP's
European Union
Directives
Seventh
Consolidating company accounts
Eighth
qualification and regulation of auditors
Fourth
Amount of disclosure in final accounts
2006
amendments to other directives
The Government
Legislation
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
Stock Exchange
Listing Rules
financial arrangements and/or contracts
breakdown of loans
half yearly reports
statement of interest
principal country
Geographic breakdown of profits
changes to capital structure
Definitions
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
The Financial Reporting Council
The Urgent Issues Task Force (UITF)
Assist the ASB
The Auditing Practices Board (APB)
develop auditing procedures and practice
The Review Panel
Ask for final accounts to be redone has the authority for legal action
The Professional Oversights Board (POB)
monitor audits
Accounting Standards Board (ASB)
issues all new accounting standards
The Accounting and Actuarial Disciplinary Board (AADB)
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
is a clean report, it states that conditions have been met
Qualified Report
means the company is not complying to standards