Introduction to Sources of Accounting Rules
In current years there have been increasing trends in the direction of the internationalisation of business and the integration of financial markets. These trends have assist to strengthen the case for the international harmonisation of accounting rules. While a general set of rules is followed, users of financial statements should be better located to compare the financial health of companies based in various countries. The presence of such types of rules should also relieve international companies of a few of the burden of ready financial statements because dissimilar financial statements will no longer have to be ready to comply along with the rules of various countries where a specific company operates.
IASB (The International Accounting Standards Board) is an independent body that is at the forefront of the move in the direction of harmonisation. The Board that is based in the UK (United Kingdom) is dedicated to developing a single set of high-quality, global accounting rules which give transparent and comparable information in financial statements. These rules that are termed as International Accounting Standards (IASs) or International Financial Reporting Standards (IFRSs), deal with main issues like:
In current years, various important developments have very much increased the authority of the IASB. The first main boost came while the European Commission needed almost all companies that are listed on the stock exchanges of EU member states to adopt IFRSs for accounting periods that are commencing on the date or after 1 January 2005. The result, almost 7,000 companies in 25 dissimilar countries switched to IFRSs. This was followed in 2006 through the IASB and the US Financial Accounting Standards Board agreeing a roadmap for convergence among IFRSs and US accounting rules. In that similar year, China intimately aligned its financial reporting standards along with IFRSs. At last, in year 2007, Brazil, Canada, Chile, India, Japan and Korea all announced their purpose to adopt, or converge with, IFRSs.
The EU need to adopt IFRSs, as mentioned earlier, overrides any laws in force in member states which could either hinder or restrict compliance with them. The final intend is to get a single framework of accounting rules for companies from all member states. The EU identifies that this will be attained only if individual governments do not add to the needs imposed through the several IFRSs. So, it seems that accounting rules developed in individual EU member countries will ultimately disappear. Though, for the time being the EU allows that the governments of member states might require impose additional disclosures for some corporate governance matters and regulatory needs. In the UK (United Kingdom), company law needs disclosure relating to various corporate governance issues. For instance there is a need to disclose details of remuneration of directors in the published financial statements that goes beyond anything required through IFRSs. Additionally, the Financial Services Authority (FSA), in its role like the UK (Stock Exchange) listing authority, imposes rules on Stock Exchange listed companies. These involve the need to publish a condensed set of interim (half-year) financial statements as well to the annual financial statements. (These statements are not needed through the IASB, even though there is a standard giving guidance on their form and content.)
Figure: Sources of external accounting rules for UK public limited company listed on the London stock exchange
Latest technology based Financial Accounting Online Tutoring Assistance
Tutors, at the www.tutorsglobe.com, take pledge to provide full satisfaction and assurance in Sources of Accounting Rules homework help via online tutoring. Students are getting 100% satisfaction by online tutors across the globe. Here you can get homework help for Sources of Accounting Rules, project ideas and tutorials. We provide email based Sources of Accounting Rules homework help. You can join us to ask queries 24x7 with live, experienced and qualified online tutors specialized in Sources of Accounting Rules. Through Online Tutoring, you would be able to complete your homework or assignments at your home. Tutors at the TutorsGlobe are committed to provide the best quality online tutoring assistance for Financial Accounting homework help and assignment help services. They use their experience, as they have solved thousands of the financial accounting assignments, which may help you to solve your complex issues of Sources of Accounting Rules. TutorsGlobe assure for the best quality compliance to your homework. Compromise with quality is not in our dictionary. If we feel that we are not able to provide the homework help as per the deadline or given instruction by the student, we refund the money of the student without any delay.
tutorsglobe.com mendels experiments assignment help-homework help by online mendels laws of inheritance tutors
kinetic theory and states of matter tutorial all along with the key concepts of postulate of the kinetic theory, kinetic theory and practical proofs, kinetic theory and change of state, heating and cooling graphs
online psat exam preparation course and online psat tutoring package offered by TutorsGlobe are the most comprehensive and customized collection of study resources on the web, offering best collection of psat practice papers, quizzes, psat test papers, and guidance.
tutorsglobe.com habers process assignment help-homework help by online chemical equilibrium tutors
tutorsglobe.com nitrification assignment help-homework help by online nitrogen cycle tutors
tutorsglobe.com factors affecting photosynthesis assignment help-homework help by online plant physiology tutors
Theory and lecture notes on AC Fundamental Principles and Phasors all along with the key concepts of phasors, angular frequency, cyclic frequency, period, peak voltage, average value and complex phase plane. Tutorsglobe offers homework help, assignment help and tutor’s assistance on AC Fundamental Principles and Phasors.
Relieve your academic burden with PhD Digital Circuitry Assignment Help experts at affordable prices and score impeccable grades.
tutorsglobe.com experiments to prove particle and wave assignment help-homework help by online dual property of an electron tutors
www.tutorsglobe.com offers aldol reaction homework help, aldol reaction assignment help, online tutoring assistance, organic chemistry solutions by online qualified tutor's help.
www.tutorsglobe.com offers other functional group homework help, other functional group assignment help, online tutoring assistance, organic chemistry solutions by online qualified tutor's help.
tutorsglobe.com hemophilia assignment help-homework help by online inborn errors of metabolism tutors
Theory and lecture notes of Application-Insurance Market all along with the key concepts of application-insurance market, Model of Insurance Market. Tutorsglobe offers homework help, assignment help and tutor’s assistance on Application-Insurance Market.
tutorsglobe.com dna library assignment help-homework help by online biological database tutors
tutorsglobe.com mechanical techniques assignment help-homework help by online contraception tutors
1949709
Questions Asked
3689
Tutors
1441892
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!