By Peter Holgate
High quality non-executive administrators are necessary to strong company governance. they create a wealth of expertise to the boardroom, and including their fellow board individuals they're answerable for the company's annual document and bills. even though, only a few are educated accountants. This quantity explains the foremost components of a indexed company's annual document and bills. half I explains the variation among revenue and money flows, the accounting occupation, the overseas harmonisation of accounting principles, the origins of the foundations governing the practise of bills, the legislation of economic reporting and the overarching rules in the back of accounting principles. half II discusses concerns appropriate to indexed businesses: mergers and acquisitions; profits according to percentage; realised and distributable earnings; monetary tools; and different key themes. An appendix units out 50 questions, associated with the chapters, which non-executive administrators could wish to ask at conferences of the board and audit committee.
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Extra resources for Accounting Principles for Non-Executive Directors (Law Practitioner Series)
The ASB’s Foreword to accounting standards contains a similar override in the context of accounting standards; the above override being in the context of the Act’s requirements. The override of accounting standards is hardly ever used in practice. Section 393’s requirement that accounts give a true and fair view applies to IFRS accounts as well as to UK GAAP accounts. IFRSs themselves use the expression ‘present fairly’ rather than ‘true and fair’. For example, para. 15 of IAS 1(2007) states that: ‘Financial statements shall present fairly the financial position, financial performance and cash flows of an entity.
These, although they are also primary statements, are required only by UK accounting standards. For IFRS accounts, the requirement for a balance sheet and statement of comprehensive income (equivalent to profit and loss account and STRGL) is found, not in the Act, but in an accounting standard (IAS 1). The requirement for group accounts Sections 398 to 408 set out equivalent requirements relating to group accounts. Directors shall prepare consolidated accounts (the Act uses the term ‘group accounts’) if, at the end of the year, the company is a parent company unless one of the Act’s exemptions applies.
Also, the IASB needs, politically, to be seen as a valid counterweight to the FASB. This means that, whether or not the eventual standard is long, the underlying debate needs to be exhaustive. As mentioned above, the IASC developed standards called international accounting standards (IASs) and the IASB develops standards known as 19 Accounting Principles for Non-Executive Directors international financial reporting standards (IFRSs). Although the Companies Act refers to ‘international accounting standards’ and ‘IAS’, most accountants use ‘IFRS’ or ‘IFRSs’ in referring to the total package of international standards.