12. Law

Question 1

CA2006 require for financial statements to be true and fair. It means(4):

Answer 1

-match acc standards
-contain sufficient info
-follow general accepted practice
-not have misstatements

Question 2

To what authorities companies are accountable ? Give examples

Answer 2

Regulatory bodies - CH, FCA

Tax authorities

Question 3

Who is responsible for producing financial statements ?

Answer 3

CFO/FD

Question 4

What follows failure to meet requirements? (Criminal offence)

Answer 4

Fines, suspension, damaged reputation

Question 5

Why international financial reporting standards (IFRS) was formed ?

Answer 5

To harmonize acc standards in different countries

Question 6

What are objectives of IFRS ?

Answer 6

Develop high quality standards
Promote use of of these stand.
See what are the needs of emerging economies

Question 7

IASB

Answer 7

Body set up by IFRS

They publish IFRS docs and interpretations

Aims to develop global acc standards