Financial Accounting Essay

1989 WordsNov 27, 20098 Pages
Table of Content [pic] Influence of EU Directives, IASB, IOSCO, and FSA in development of U.K. regulatory framework of Financial Accounting……………... …………….2 Roles of various U.K. regulatory bodies - FRC, ASB, UITF and FRRP; in issuing standards & enforcing compliance..................…………………………...5-7 Approach adopted by Accounting Standards Board (ASB), and its success in meeting its objectives…………………..………………………...8-10 Bibliography...………………………………………………………………………12-13 Influence of EU Directives, IASB, IOSCO, and FSA in development of U.K. regulatory framework of Financial Accounting [pic] In the light of the quotation given, financial statements regulated in the U.K are subjected to ruling by a range of regulatory accounting/ financial bodies – the FRC (Financial Reporting Committee), the FSA (Financial Services Authority) and the Company Law and the Stock Exchange. These bodies are accountable to shape up the U.K. Regulatory Conceptual Framework today. It is created to sync with other accounting professional bodies such as IASB (International Accounting Standards Board), European Union Directives, IOSCO (International Organization of Securities Commissions). Even though they may not be identical but similar guidelines are practiced, despite the fact, they are still in progress to sync the lot into one strong framework to refer without going back to the fundamental matters. To address

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