FRS 1
Date Submitted: 10/29/2004 13:48:19
Category: / Business & Economy / Accounting
Length: 3 pages (746 words)
Category: / Business & Economy / Accounting
Length: 3 pages (746 words)
The relationship between law and standards
Companies act formed in 1900 - compulsory audit of the balance sheet - not the director.
Bigger business, role of directors determined by shareholders - appointing auditors, the requirement for a consistent approach.
1948 Companies act - balance sheet and profit loss account must give a true and fair view, disclosure levels introduced, audit requirements established. The accounting profession took on more responsibility. From 1948 because of SCANDALS (Pollypeck) - present, more …
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…consistently applied to situations (type C)
In the uk type a = type c - balance between pronouncement and practise. Shifting further in the form of pronouncement
Essential purpose of TFV override - Nobes
1)<Tab/>to guide standard setters when developing type c rules
2)<Tab/>to enable auditors to depart from type c rules when necessary.
Risks of creative accounting, departing from the right TFV view - FRRP.
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