New UK GAAP - Assignment Example

Only on StudentShare

Extract of sample

The need for a global reporting standard has gained more importance for small and medium sized organizations where the accountability of managers towards the investors are generally less transparent compared to large multi-national companies. Over the years such transparency might lead to mistrust between the owners and the managers leading to an Agency problem. Even though the advantage of general sets of international reporting standards are acknowledged, there are a certain implementation challenges at the international and domestic level if the objective of a harmonised and enhanced reporting structure is to be achieved. Table of Contents Executive Summary 2 Introduction 4 Advantages and Disadvantages of Global Reporting Standards 4 Importance of Accounting Standards Bodies 6 Harmonization of Reporting Standards in Recent Times 7 Conclusion 8 References 10 Bibliography 11 Introduction A considerable amount of countries and entities around the globe have adopted IFRS (International Financial Reporting Standards) as the base for financial reporting with the means and objective to enhance the value of information on corporate performance. In the year 2010, a potential new framework proposed by the Accounting Standards Board (ASB) to replace current Irish and UK GAAP has revised the original proposal and released 3 new drafts Application of Financial Reporting Requirements FRS 100, 101, 102, etc. ...Show more


The New UK GAAP Executive Summary A considerable amount of countries and entities around the globe have adopted IFRS (International Financial Reporting Standards) as the base for financial reporting with the means and objective to enhance the value of information on corporate performance…
Author : yshanahan
New UK GAAP essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the assignment on your topic
with a personal 20% discount.
Grab the best paper

Related Essays

Hence organizations try to predict, in future, the changing environment in which they are working and in result they make strategies to combat such changing environment. Successful organizations tend to such things and hence positive results follow. The organization that I have chosen is TESCO, which is a well diversified company working in many different ventures and has created a great deal of value in the eyes of their customer.
7 pages (1750 words) Assignment
The International Convergence Project
Convergence is a process of narrowing the differences between the accounting standards of various countries and IFRS. The global relationships among people, cultures and economic activities have increased considerably in the past decade and most of this globalised state of economy can be attributed to reduction in international trade barriers such as tariffs, import quotas and export fees.
8 pages (2000 words) Assignment
Over Recent Decades, Developments in Company Law and Financial Reporting Standards Have Impacted Significantly on the Reporting
Accounting standards for financial reporting are set by the government or by the regulatory authorities. These standards are created to bring uniformity in accounting policies. Financial reporting is used to measure the growth, performance and position of various companies for a particular country in a same parameter (Accounting Standards, n.d., p.1).
5 pages (1250 words) Assignment
It is necessary for large listed companies in different countries to prepare financial statements using uniform accounting stand
It defines how an organization’s financial statements are to be prepared and disclosed. This set of standards was designed to replace each country’s Generally Accepted Accounting Principals (GAAP). This makes it easy for all financial statements from any part of the world to be comparable and evaluated on the same set of accounting standards.
10 pages (2500 words) Assignment
High Profile corporate collapses in the last two decades have been attributed to laxities in the regulatory framework of financi
European Union faced the prospect of diverse financial reporting regimes across European Union participants when it moved across the markets within Europe. It has become essential to adopt universal financial reporting standards in order to achieve true scale of financial integration (Deloitte, 2012).
10 pages (2500 words) Assignment
Convergence between GAAP and IFRS
Accounting is a pivotal part in any organization. It shows the financial position of an organization and ability of a firm to settle its debts as they become due.
6 pages (1500 words) Assignment
New constitution
Norms such as accountability, democratic procedure and transparency are some of the innovations that have made constitution making stand out. The same procedures that are used to making daily political decisions that are ethical and of great benefit to the people are the same processes demanded while making deliberations for a new constitution.
4 pages (1000 words) Assignment
Working Management and Dividend Policy
The company is listed in both New York Stock Exchange and London Stock Exchange as CCL. It is headquartered in Miami, Florida. In this paper, we analyse the dividend policy of the company and working management of the firm. The three questions taken up are: the dividend decision of the firm in light of its gearing, the dividend policy of the company and the working capital management.
10 pages (2500 words) Assignment
Identify the GAAP used to create the financial plan, and provide one recommendation for Patton-Fuller Community Hospital based on their 2009 budget statement for improving
Thus, GAAP can be considered as a set of rules that are used in financial accounting and reporting. This essay will therefore
2 pages (500 words) Assignment
Generally Accepted Accounting Principles (GAAP)
Any accountant or managers is therefore expected to know these important accounting principles. For the topic, the article that I will be working on is called, ‘’The Houghton Mifflin Harcourt Journal’’, written by the
3 pages (750 words) Assignment
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email