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New UK GAAP - Assignment Example
Author : yshanahan
Finance & Accounting
Pages 6 (1506 words)
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…
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. ...