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Accounting - Coggle Diagram
Accounting
- The Regulation of Accounting
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Limited liablitiy comapnies need to publish financial statements annuyal, and must comply with accpeted account and financial reporting standards
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Accounting standards developed at international level by UIASB and UK level bvy te Financial reporting council FRC
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UK GAPP uses different terms for many important terms UK Non-lsted comapnues follow UK speciific terminology
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Financiual statenent are required to give a true and fair viuew or present fairly in all mateiral respects
Conceputal framework- ffinancial ifnroamtion is to be useful it muyst be relevant and faithrfully represrnt what it says to represent
Comapnies act 2005- financial statements give a true and fair view of the financial position of an entity at a poiint in time
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- The main financial statements
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A statement of profit or loss and other comphrensive for the reporting period; which may include statement of proifit and loss
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A statement of financial position at the beginning of the earliest comparatie period when an accounting policy retrospectively, makes a restatement of items in it sfinancial statements or reclassifies items
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IFRS sustainabluty disclosure standards to provide high qualkityu transparent comparable info sustainbliuty in financial statements and sustainbluty disclosure
ISSB will build on the work fo exisiting organisations which have issued uidnace off dislcosures relating valuecreation. Two disclosures prototypes climate related disclosures and general requiremt