The FRC and its impact
Article Abstract:
The establishment of the Financial Reporting Council (FRC) has led to a noticeable improvement in reporting standards in the UK. The success of the FRC, which is entasked with redefining the guidelines that govern the preparation of financial statements, is reflected in the acceptance by companies and auditors alike of the merit of rulings issued by its three supporting bodies. These attendant bodies, namely, the Accounting Standards Board (ASB), The Financial Reporting Review Panel (FRRP) and the Urgent Issues Task Force (UITF), have made notable progress on several controversial matters. The ASB, for one, has through the issuance of several draft chapters of its definitive Statement of Principles helped clarify many ambiguous accounting standards. The FRRP and the UITF, on the other hand, have proven effective in monitoring and deterring the use of dubious reporting practices.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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FRS 3: reporting financial performance
Article Abstract:
The Accounting Standards Board has issued Financial Reporting Standard No 3 (FRS 3) to clarify how key components of financial performance are to be reported. FRS 3 aims to improve financial reporting rules so that users are able to adequately assess the performance of a reporting entity. FRS 3, entitled 'Reporting Financial Performance,' was issued in Oct 1992. The new standard replaces Statement of Standard Accounting Practice No 6 (SSAP 6) and amends SSAP 3. It makes several major changes to previous reporting rules. Among others, it provides for a new profit and loss format and allows historical profits and losses to be placed in a memorandum note. FRS 3 also specifies that the reconciliation of movements in shareholder funds be reported, along with total recognized gains and losses, so that evaluation of performance becomes simpler for users.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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Audit regulation - an annual review
Article Abstract:
The year 1992 marks the first full year of professional auditing regulation. Although the new regime of regulation has not yet completely enhanced auditing processes, it has inspired most companies to study their current auditing procedures and perform the required changes and improvements. To assist companies with these new tasks, the Institute of Chartered Accountants in England and Wales distributes information that it gathered from its monitoring activities, training courses, newsletters and related articles. The Institute also actively regulate its members not just for the sake of the public and the auditors themselves, but also to improve public perception of the Institute itself.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1993
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