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Over Recent Decades, Developments in Company Law and Financial Reporting Standards Have Impacted Significantly on the Reporting
Finance & Accounting
Pages 5 (1255 words)
Running Head: FINANCIAL REPORTING STANDARDS Over recent decades, developments in Company Law and Financial Reporting Standards have impacted significantly on the reporting of the financial performance of companies in the UK [Name] [Course] [Professor’s name] [Date] A country follows a particular standard to report their companies’ financial performance.
This paper focuses on the requirements of U.K. companies for representing financial statement while maintaining some accounting standards and company laws as well as the comparison of financial reporting standards of U.K with that of USA. The current requirements for the reporting of the financial performance of companies in the U.K. In June 2002 the European Union adopted the International Accounting Standards (IAS). For this reason the listed companies in European Union (EU) security market including banks and insurance companies have to prepare their financial statements in accordance with International Financing Reporting Standards. United Kingdom is one the members of EU. For that the U.K. companies have been following the rules and regulation of IFRS since 2005 (Delloitte, 2012). Under the U.K. Companies Act 2006, the directors of the company have to prepare financial statement according to the International Financial Reporting Standard (IFRS). Under this company law the directors have to approve their financial statement by considering that, the statements give the exact and original value (Harthorn & King, 2011, p.70). ...
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