Regulatory framework Flashcards
1
Q
Legal framework for preparing financial statements
A
The companies act (2006) - file accounts, annual return and changes in partnership
2
Q
The regulatory framework - IFRS Foundation, IAS, IFRS IC, IFRS AC
A
IFRS Foundation - independent not for profit who appoint members for the other subsidiary bodies
IASB - develop and issue new accounting standards
IFRS AC - advices IASB on priorities in its work
IFRS IC - helps board improve FS
