FRS 1

The relationship between police and standards Companies solve formed in 1900 - compulsory examine of the balance sheet - non the director. Bigger business, engagement of directors determined by sh arholders - appointing examineors, the requirement for a consistent approach. 1948 Companies knead - balance sheet and profit loss account must give a true and sane view, divine revelation levels introduced, audit requirements established. The accounting profession took on to a greater tip responsibility. From 1948 because of SCANDALS (Pollypeck) - present, more and more principles, amount and valuation rules, extended apocalypse = true and fair override. 1985 and 1989 companies act changes in accounting make out 1)         uniform formats 2)         Publication requirements, what how to be published and when to recorded. 3)          story principles 4)         divine revelation - amount of information expose is increa sed. The ASB is a recognised personify for the issuance of accounting standards that atomic number 18 to be complied with under the companies act. FRS and SSAPs adopted by the ASB argon the Accounting Standards for the purposes of this act - standards need to be complied with but ar not law. Ardens - although standards arent law. Giving a TFV is in the companies act. Generally, complying with standards gives a TFV, if not revealing is required to only whenify departure from standards - the TFV override. Departures investigated by the FRRP and confirm the undecomposed to prosecute.

So what does the law requ ire 1)         give a TFV 2) !          disclosure if TFV overridden 3)          attender requirement to declare whether accounts have been prepared in union with standards 4)         Standards are regulated - defective accounts can be prosecuted. Aim - FRSs are developed within the context of accepted legislation with the select of ensuring consistency between accounting standards and law Coverage Both law and standards cover measurement rules, disclosure and format items - overlap =... If you want to get a just essay, order it on our website: OrderCustomPaper.com

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