RelativeResourceManager

RelativeResourceManager - ACC2110 Revision handbook Dear...

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ACC2110 Revision handbook Dear student, This handbook contains last year’s examination papers, together with answers. It also contains questions asked in previous examination papers, together with answers. We suggest the following approach to study, taking each Unit in turn: 1. Review the resources available on Oasis+, in particular the lecture slides. 2. Prepare revision notes in the following format: a. Describe the issue b. Give practical examples c. Evaluation where appropriate (arguments for and against) 3. Practise numerical calculations (e.g. consolidation, leasing, fair value of securities) 4. Attempt the relevant question in this handbook, allocating 20 minutes to complete it. If a discursive question has 5 marks, you should ensure that you have written 5 statements/points. Check the answer. 5. Review your group report so that you can produce practical examples. 6. Try the formative tests again (Unit 16 folder) and review the answers. You may obtain revision support by emailing r.jones@mdx.ac.uk . Replies to emails will be posted on Oasis+ if they are of general interest. See Unit 16: Revision. Good luck Richard Jones Toby York 1
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Unit 01 and 02 Regulation and governance Question 1 The Financial Reporting Council (FRC) is the UK's independent regulator responsible for promoting confidence in corporate reporting and governance. Its principal functions are exercised by a Council and five operating bodies. Required: (a) Explain the principal aims and objectives of the Accounting Standards Board (ASB) and the Financial Reporting Review Panel (FRRP). (5 marks) (b) Using your knowledge of “agency theory” explain the need for the regulation of financial reporting. (5 marks) Answer (a) ASB Establishes and improves standards of financial accounting and reporting, for the benefit of users, preparers, and auditors. Developing principles/framework for resolving accounting issues. Issuing new accounting standards (or amending existing ones Encourage adoption and use of IASB's standards. FRRP Ensure that the provision of financial information complies with relevant reporting requirements. Enquires into accounts which come to its attention, whether through selection for review or through complaints; Brings findings of the Panel to the attention of other authorities so that they can decide whether disciplinary action should be applied; Acts as a deterrent in the market (b) Agency theory refers to the fact that control of a company (by directors) is divorced from its ownership (by investors). The directors have been delegated responsibility for managing the affairs of the company as trustees for shareholders. 2
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The financial statements are the primary mechanism for shareholders to monitor the performance of directors. If investors are assured that the financial statements are properly prepared and
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RelativeResourceManager - ACC2110 Revision handbook Dear...

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