Download e-book for kindle: Accounting Principles for Non-Executive Directors (Law by Peter Holgate

By Peter Holgate

ISBN-10: 0511517785

ISBN-13: 9780511517785

ISBN-10: 0521509785

ISBN-13: 9780521509787

High quality non-executive administrators are necessary to solid company governance. they carry a wealth of expertise to the boardroom, and including their fellow board individuals they're chargeable for the company's annual record and bills. in spite of the fact that, only a few are proficient accountants. This quantity explains the most important parts of a indexed company's annual document and bills. half I explains the variation among revenue and funds flows, the accounting career, the overseas harmonisation of accounting ideas, the origins of the principles governing the guidance of debts, the rules of monetary reporting and the overarching ideas at the back of accounting principles. half II discusses concerns correct to indexed businesses: mergers and acquisitions; profits according to percentage; realised and distributable earnings; monetary tools; and different key issues. An appendix units out 50 questions, associated with the chapters, which non-executive administrators may perhaps prefer to ask at conferences of the board and audit committee.

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Additional info for Accounting Principles for Non-Executive Directors (Law Practitioner Series)

Sample text

The fact that, say, US GAAP, UK GAAP and French GAAP reported different figures for profits and net assets became to be seen as a serious impediment to business and finance. Further, it was a source of some embarrassment to accountants that they could not agree on a global basis whether – given the same set of economic facts – a company’s profits are £X or £Y, or, as sometimes happened, whether a company had made profits of £X or losses of £Y. The International Accounting Standards Board By the late 1990s it was becoming clear that the IASC, successful though it had been, was not up to the future task of leading the global harmonisation of accounting.

These are non-mandatory guidance aimed at improving best practice. Two statements have, to date, been issued in this series: the first is on the Operating and Financial Review; and the second on disclosures in respect of retirement benefit schemes (in employers’, not pension schemes’, accounts). Despite being issued by the ASB, both statements are intended to apply to IFRS reporters in the UK as well as to UK GAAP reporters. In addition to the above, the term ‘GAAP’ in the UK for those applying IFRS encompasses the following, which are authoritative in varying degrees: r the IASB’s Framework for the preparation and presentation of financial statements (‘the Framework’); r statements and recommendations from the professional bodies, such as the guidance from the Institutes of Chartered Accountants on matters such as realised profits – these are now more likely to have influence on company law issues rather than on interpretation of accounting standards; r quite literally, principles that are generally accepted in practice, say in a particular industry; r manuals and similar guidance from firms of accountants; and r recent pronouncements of other standard-setting bodies that use a similar conceptual framework to develop accounting standards; this encompasses not just recent standards and guidance from the ASB and UITF, but also from other standard-setters around the world, for example, the FASB and EITF in the US.

396 (individual company accounts), 404 (group accounts) and 393 (both individual company and group accounts) set out the requirement that they shall give ‘a true and fair view’. Note that the law requires a true and fair view – not the true and fair view. This is taken to mean that there is potentially more than one way in which a true and fair view may be given. For example, a company might choose to keep its assets at cost, or to revalue them. This true and fair view requirement is overriding – it is the key objective of annual accounts.

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Accounting Principles for Non-Executive Directors (Law Practitioner Series) by Peter Holgate


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