Implementation hints on a maiden standard

Article Abstract:

The Accounting Standards Boards has recently issued its first Financial Reporting Standard (FRS 1), Cash Flow Statements, that would require UK business enterprises to publish cash flow information as a primary financial statement. Guidelines on cash flow reporting have become necessary mainly due to the inadequacy of funds statements to provide accurate financial information, and to the growing awareness of the need for financial statements to offer data on firms' financial viability and liquidity. Under FRS 1, there will be greater comparability of cash flow information between companies which will render such information more useful to users of financial statements.

Reports, Business reports

---

An opinion from the coal face

Article Abstract:

The Accounting Standards Board's (ASB) early proposals for improving statements of cash flow are clear and sensible. Proposals include: a logical, readable format; changes to the p&l account; and the tightening up of standards for extraordinary items and discretionary expenses. The ASB proposals are based on a fundamental reappraisal of the balance sheet that aims to draw it out of the limitations imposed by historical cost accounting. The ASB has evidently taken note of the current inadequacies of the balance sheet in coping with modern business analysis and reporting.

Accounting and auditing, United Kingdom. Accounting Standards Committee, Great Britain

---

A challenging task ahead for all

Article Abstract:

The Accounting Standards Board (ASB) has outlined its proposed work program for 1992. The ASB work bulletin focuses principally on the development of UK financial reporting standards. The 1992 work program specifies the areas for review as the four exposure drafts issued by the Accounting Standards Committee, the review of unclear SSAPs, and the completion of the parts of its 1991 program that have yet to be completed. Some controversial areas that the ASB is set to tackle include the questions of acquisition accounting and balance sheet valuation of assets.

Accounting

Similar abstracts:

• Abstracts: Legend: first of a new breed. A problem-solving package for the tax accountant
• Abstracts: Accountants and the seven year itch. ASB - time the talking stopped. Fixed assets: the lull before the storm
• Abstracts: Estimating returns on financial instruments - stochastic analysis. The inflation adjustment of corporate accounts: the case of monetary items
• Abstracts: An application and extension of a multidimensional ethics scale to selected marketing practices and marketing groups
• Abstracts: Battle of the browsers. Scandinavia: another word for software. Financial software: some hard choices

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.