Accounting Standards UK
The current system consists of four agencies:
The Council of the financial statements (FRC)
Accounting Standards Board (ASB)
The Financial Reporting Review Panel (FRRP)
Issues Emergency Force (UITF)
the financial reporting Council (FRC) is the independent regulator of the UK under the auspices of the Ministry of Finance and economic development. FRC is mainly responsible for promoting confidence in corporate reporting and good corporate governance (FRC, FRC, 2012). FRC sets his management responsibilities properly and based on evidence, the expert informed market participants. Is the UK's independent regulator, it focuses on promoting high level of audit quality and contribute to the international debate on the future of the audit market. It leverages the company's reports are of high quality and governance, published Codes and standards that companies, auditors, actuaries and accountants apply. The purpose of the work of the FRC is to promote an environment in which investment can grow. It has two operating arms: ASB and Financial Reporting Review Panel (FRRP).
The role of the Accounting Standards Board (ASB) has issued accounting standards. ASB also collaborated with the accounting standard setters from other countries-and IASB to influence the development of international standards and ensure that its standards have been developed with the problem because of the international development (McAuley, no date). accounting standards developed by the ASB is contained in Financial Reporting Standards (FRSs). This is the report of the Accounting Standards Practice (SSAPS). applicable accounting standards for all companies, and other types of units to prepare accounts used to provide a look true and fair (FRC Board, accounting standards, in 2014).
the financial Reporting Review Panel (FRRP) seeks to ensure that the provision of financial information of large private companies and in accordance with accounting requirements related. It is an agency under the Financial Reporting Council.
The urgent problems Task Force (UITF) is a subcommittee of the Accounting Standards Board is designed to act quickly when a verdict competence is urgently needed. It produced a summary, which is basically small and accounting standards to be followed by companies when preparing their accounts.
C. Affect the accounting system
For a list of stocks listed on the Stock Exchange, Vinamilk must comply with the provisions of the exchange. Vinamilk is committed to compliance with the procedures and standards, including the provisions on financial disclosure. Typically more Vinamilk announced the disclosure requirements of company law.
In addition, all companies in the EU, including Britain, to enforce the laws of the Union, known as the Directive. There are many indicators that the company must comply, but the two most important are the Forth and Seventh Directives. With Forth Directive, Vinamilk must comply with the standards and content formats. The Seventh Directive provides for the issue of financial statements for companies that come together to form a group.
Generally accepted accounting practices (GAAP) in the United Kingdom, or UK GAAP, is the general agency adjustable settings like Vinamilk accounts must be prepared in the UK. This includes not only accounting standards, but also the British company law. Vinamilk to follow all the rules that the local company law, accounting standards and international countries, legislation in other countries and the required stock.
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