The Dearing Report: implementation issues

Article Abstract:

Sir Ron Dearing was appointed chairman of the new Financial Reporting Council in October 1989 to start up the new accounting standards regime proposed in his 1988 Dearing Report. Most of the report's recommendations were implemented in the 1989 Companies Act, which requires directors to state whether accounts were calculated in accordance with applicable accounting standards, introduced a civil offense for failure to prepare accounts, gave statutory power to bodies authorized by the Secretary of State to enforce compliance, and abolished criminal sanctions for defective accounts. There are still problems to be resolved over funding, appointment of members to the accounting standards regulatory boards, and enforcement mechanisms, which must be resolved before the system for setting accounting standards is launched in Spring 1990.

Management, Accounting Standards Board, Dearing, Ron

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1992 - a force for change in corporate reporting?

Article Abstract:

The single European market in 1992 will require unified corporate reporting practices. The Fourth Directive, which deals with the accounts of individual companies, and the Seventh Directive, which deals with consolidated accounts, are two areas where consolidation efforts have been made. The Fourth Directive, which has been implemented by nine of the 12 member states, has standardized European accounts to a degree, but figures are still heavily influenced by national factors. Two of the member states have enacted the Seventh Directive, and the outcome for the directive, which must be implemented by 1990, will probably parallel that of the Fourth Directive. A greater demand for a global end product will ultimately lead to a reduction in domestic influence on reporting practices.

Analysis, Laws, regulations and rules, European Union, Financial statements, European Community

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A new era incorporate reporting?

Article Abstract:

The recent document developed by the Institute of Chartered Accountants of Scotland called "Making Corporate Reports Valuable" considers both external and internal uses and users of financial information and is a valuable asset in attempting to understand the financial affairs of corporate business.

Standards, Institute of Chartered Accountants of Scotland

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