Monday, February 24, 2020

The regulatory framework for financial reporting by listed companies Essay

The regulatory framework for financial reporting by listed companies in the UK and the reasons why different accounting practices developed in different countries - Essay Example Although every business is different in some respect from the other, but their accounting procedures are to be performed in some standardized manner in order to have consistency and get an accurate picture. The financial reporting standards perform the function of regulating the business world by laying down the accounting standards and procedures which the limited companies need to follow. This not only helps in getting the financial information about companies on a common base by having standardized policies, but also serves the purpose of providing the users of financial statements with clear, accurate, reliable and relevant information (2005). In the United Kingdom, there are three basic elements of the regulatory framework for all the listed companies. The government has its role in regulating the businesses by way of the Company Law; the accounting professionals perform their duties by preparing, interpreting and implementing the accounting standards being prepared for the financial reporting purpose; and finally the stock exchange keeps a check by having various stock exchange rules for the companies listed in the London Stock Exchange. The Company Law is to be fulfilled by all the limited companies whether public or private, however there are variations depending upon the nature of the entity. It’s the basic regulatory framework introduced by the government in order to keep a record of the companies in the country (Ray Ball, Lakshmanan Shivakumar, 2004). However, this Company Law does not pay much attention to imposing regulations for the standardization and consistency of the accounting standards and policies. It just lays down the general rules and requirements for preparing financial statements, their format and their content. The procedure for finalizing the content is not discussed. The Company Law makes it mandatory that all the listed companies should prepare and

Saturday, February 8, 2020

Reading analysis Assignment Example | Topics and Well Written Essays - 250 words

Reading analysis - Assignment Example It is, though, probably accurate to say that social pressure plays a huge role in determining how both women and men form their personal values. Societal pressure is an experience that all members of a society are openly exposed to and have to contend with, particularly in childhood and teenage years. However, the question remains, ‘How can this influence of society on young people’s values be measured or quantified?’ The fact is that this is almost impossible to accomplish. According to Gulla, â€Å"one can only use his or her own experience in terms of how much what society demands has contributed to the formation of personal values or the testimonies of others to determine if societal pressure can affect personal beliefs† (76). Parental influence is also likely play a huge role in determining personal beliefs. The fact that young people often behave in similar ways to their parents is another obvious observable fact in almost every culture in the world. Still, the influence of an individual’s personality becomes evident when the individual becomes independent and moves away from the parents. People will often adopt different interests from those encouraged by society or even their families once they are outside the control of their parents. This means that it is individual personality that mostly influences the value systems of people. According to Lewis, â€Å"it would appear that the influence of social or peer pressure as well as parental beliefs is only temporary for well-developed people† (Lewis, 301). At younger ages, the individual may not have the mental capacity to bear the consequences of refusing to adopt the preferred values as determined by society as well as parents. However, with adulthood comes maturity as well as the freedom to be able to make personal decisions and support them in spite of opposition. Once an adult begins making personal decisions that have nothing to do