Financial Accounting Regulation in the United Kingdom

Title: Financial Accounting Regulation in the United Kingdom
Category: Literature / English | Words: 1058 | Pages: 4.5 (approximately 235 words/page)

Financial Accounting Regulation in the United Kingdom

In the U.K., the ¡®statement of intent on accounting standards¡¯ was issued in 1969 by the council of the ICAEW. The statement announced that standards would be produced in the future, with four objectives. Firstly, to narrow the difference and variety in accounting principles. Secondly, to disclosure the accounting bases. The third one is the disclosure of departure from established standards and the finally, is the wider exposure for major new accounting proposals. To this …showed first 75 words of 1058 total…

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…showed last 75 words of 1058 total…of rules, is to ensure that the substance of an entity¡¯s financial transactions is reported in its financial statements. In conclusion, methods of financial accounting evolve and alter in response to changing business and economic needs. From time to time new regulations, such as accounting standards, will be drawn at progressive levels, and established regulations will be reviewed with the object of important in the light of new needs and developments in the future.

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