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Unformatted text preview: giving the accounting profession a more
prominent role in developing accounting and auditing standards.
Most of the regulations are included in:
• the Commercial Code, enacted in 1899 in the present form, which deals with accounting
• the Securities and Exchange Law’ accounting regulations and circulars set requirement
for the presentation and disclosure of financial information;
• the Business Accounting Principles, as defined by the Business accounting deliberation
• Corporate Tax Law.
A characteristic of accounting is that standard-setting started only recently, though pressure
from European rules. Only basic rules are laid down in the law and accounting standards
allow considerable flexibility.
In 1970 the Act on Annual accounts (Wet op de Jaareking van Ondernemingen, WJO) was
adopted and for the first time laid down more detailed rules in the form and content of the
annual accounts of public and private limited liability companies. The requirements of this
law were moved to Title 6 of Book 2...
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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.
- Fall '13
- The Land