Keeping the state from the corporate door

Article Abstract:

The Committee on the Financial Aspects of Corporate Governance presided over by Adrian Cadbury has released a draft report on the proposed self-regulatory mechanism for corporate governance. The proposal specifies the control and reporting functions of corporate boards of directors of listed companies, and the role of auditors and shareholders. A key aspect of the proposal is a Code of Best Practice which the Cadbury Committee has developed in order to give corporate boards a clearer definition of their responsibilities, standards, the process of disclosure, and the control systems that will constitute the self-regulatory framework. The Cadbury Committee was formed to improve the low level of confidence in financial reporting and auditing in such a way that would not necessitate the British government's intervention through legislation.

Standards, Political activity, Auditors, Cadbury, Adrian

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Implications for auditors' reports of FRS1

Article Abstract:

The Financial Reporting Standard Number 1 (FRS1) on cash flow statements formulated by the Accounting Standards Board (ASB) applies to all financial statements within the accounting periods ending or following Mar 23, 1992. The FRS1 was issued in Sept 1991 by the ASB and requires that financial statements contain a cash flow statement. The FRS1 replaces the Statement of Standard Accounting Practice Number 10 on 'Statement of source and application of funds.'

Accounting Standards Board, Cash flow

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