TAILIEUCHUNG - advanced financial accounting 7th edition_2

Tham khảo tài liệu 'advanced financial accounting 7th edition_2', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Sources of authority the United Kingdom chapter 2 There is a large and increasing body of rules with which accountants need to be familiar Q when preparing or interpreting a set of financial statements. In some countries most of the rules are laid down in the law while in other countries the law contains principles only with Q the major rules being laid down in accounting standards. Companies must comply with both the relevant law and applicable accounting standards although the sanctions that will be applied for non-compliance with each may differ. Companies that have their shares publicly traded on a Stock Exchange must also comply with CD the rules of that Stock Exchange. In this chapter we explore all three sources of rules - the law accounting standards and the Stock Exchange - within the present UK context. Here and throughout the book we concentrate on big GAAP the rules which apply to large companies and groups rather than the special rules which apply to small and medium-sized companies. In 1998 the Government embarked on an extensive review of British company law. After considering the Final Report of the Company Law Steering Group it published a White Paper in July 2002 which proposes major changes to rule making in the United Kingdom. We examine the proposals to delegate the making of rules on the form and content of company financial statements and reports to a Standards Board based on the present ASB but with a wider remit and to extend the role of a Reporting Review Panel based on the present Financial Reporting Review Panel FRRP . Increasingly national standard setting is being superseded by regional and international standard setting and we examine this extremely important development in the following chapter. Introduction In Chapter 1 we explained that there is no general theory of accounting in existence to guide us in the preparation of financial statements. We explored the attempts of several bodies to build conceptual frameworks of accounting

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