United Kingdom

United Kingdom - United Kingdom The United Kingdom (UK)...

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United Kingdom The United Kingdom (UK) uses the “Statement of Standard Accounting Practice (SSAP)” . Like the US, the UK has an oversight board for its accounting principles. This oversight board is called “the Accounting Standards Steering Committee” . In 1990, the UK developed the “Financial Reporting Council (FRC) . The UK gives authority to add regulations to others to develop “statements of recommended practice (SORPs)” that have the need to do so . The UK has its own Generally Accept Accounting Principles (GAAP) known as the “UK GAAP” . It is just like the US GAAP board. In addition, the UK uses the Financial Reporting Standards (FRS). This paper will discuss the difference between the UK and the US accounting areas regarding income taxes, investments, inventories, and disclosures on financial statements. Different tax applications to different tax issues are confusing as it is. When one has to deal with another country’s accounting principles it gets a confusing.
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This note was uploaded on 03/09/2012 for the course BUSI 400 taught by Professor E during the Spring '11 term at Lee.

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United Kingdom - United Kingdom The United Kingdom (UK)...

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