Financial statements are supposed to give a true and

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Unformatted text preview: Anglo-American accounting standards committees, in particular by the FASB. It issues Accounting and Reporting Recommendations (ARR) which mostly correspond today to International Accounting Standards (IAS). United Kingdom The distinguishing characteristics of the United Kingdom as an accounting jurisdiction are that accounting is dominated by a highly organized accounting profession, but that accounting rules address only limited liability companies and no other commercial entity, and that fiscal accounting has developed separately from commercial accounting. Commercial accounting rules are oriented primarily round the needs of large companies listed on the stock exchange. Financial statements are supposed to give a “true and fair view” of the financial position of a company. The current legal instrument ruling the accounting of limited liability companies is the Companies Act 1985, as amended by the Companies Act 1989. 33 The first recognizable standard-setter in modern terms was the Accounting Standards Committee (ASC) which issued Statements of Standard Accounting Practice (SSAP). The current standard-setter is the Acc...
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This note was uploaded on 05/02/2013 for the course ECONOMIC economics taught by Professor Economics during the Fall '13 term at Elmont Memorial High School.

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