Chapter 12 Flashcards
What authorities are companies accountable to?
Regulatory bodies, tax authorities, other authorities
Why do we regulate?
Reliability and consistency
What are the elements of regulation?
- national law
- national accounting standards
- international accounting
- A conceptual framework (guidance)
- International law
What is ‘true and fair’?
it is not defined but typically means the financial statements follow;
- all appropriate a.s
- contain sufficient info to satisfy the reasonable expectations of users
- follow generally accepted practice
Who is responsible for the promotion and rigorous application of the IFRS?
IFRS FOundation
Who provides guidance on the application of new IFRS?
IFRS Interpretation committe
Who is responsible for the development, approval and publication of IFRS?
IAS Board
Who is to advise on current accounting issues when new IFRS are being considered?
IFRS Advisery
Who are the codes and standards committee in the UK?
Advise the FRC board on matters relating to codes, standard setting and policy questions, through its ACC, actual and audit and assurance councils
What is the purpose of the executive committee in the UK?
Support board by advising on strategic issues and providing day to day oversight of the work of the FRC
What is the purpose of the conduct committee in the UK?
Advise the FRC board on matters relating to conduct activities to promote high-quality corporate reporting
