Different Sources of Regulation for Financial Statements in Ireland
By Sean Burke ( please note my referancing is quiet bad) but hopefully my work is of use to somebody for general information.
Outline the different sources of regulation of financial statements in Ireland.
When accountants are preparing a set of financial statements accountants must comply with the relevant accounting rules.
The regulatory framework provides a set of rules and regulations to ensure fair play.’ The principal aim of the regulatory frame work is to ensure that the financial statements present a true and fair view of the financial performance and position of the organization’.
The three sources of rules which accountants must be familiar with (aka the regulatory framework which applies to financial reporting by companies ) : * Legislation/Law : Via the government through companies legislation * Accounting standards: Via accounting standard setting bodies through accounting standards. Group accounts are also subject to IAS's. * Stock exchange rules : Publically listed companies are governed by rules issued by the Stock Exchange.
Legislation
‘Companies acts are acts of the Oireachtas which specify the legal requirements for companies including regulations for accounting and reporting’.
The various companies acts which have been in force in Ireland since 1963 are | * The Companies Act 1963 was the principal act in ireland. | * The Companies Amendment Act 1977 was issued to facilitate changes in Stock exchange procedures. | * The Companies Amendment Act 1982 was issued to deal with sundry miscellaneous changes to the principal act | * The Companies Amendment Act 1983 was issued to implement the EC Second directive dealing with maintenance of capital and provision of certain rights to shareholders. | * The Companies Amendment Act 1986 was issued to implement EC Fourth Directive harmonizing financial reporting in member states | * The Companies Amendment Act 1990 was issued to deal with
Outline the different sources of regulation of financial statements in Ireland.
When accountants are preparing a set of financial statements accountants must comply with the relevant accounting rules.
The regulatory framework provides a set of rules and regulations to ensure fair play.’ The principal aim of the regulatory frame work is to ensure that the financial statements present a true and fair view of the financial performance and position of the organization’.
The three sources of rules which accountants must be familiar with (aka the regulatory framework which applies to financial reporting by companies ) : * Legislation/Law : Via the government through companies legislation * Accounting standards: Via accounting standard setting bodies through accounting standards. Group accounts are also subject to IAS's. * Stock exchange rules : Publically listed companies are governed by rules issued by the Stock Exchange.
Legislation
‘Companies acts are acts of the Oireachtas which specify the legal requirements for companies including regulations for accounting and reporting’.
The various companies acts which have been in force in Ireland since 1963 are | * The Companies Act 1963 was the principal act in ireland. | * The Companies Amendment Act 1977 was issued to facilitate changes in Stock exchange procedures. | * The Companies Amendment Act 1982 was issued to deal with sundry miscellaneous changes to the principal act | * The Companies Amendment Act 1983 was issued to implement the EC Second directive dealing with maintenance of capital and provision of certain rights to shareholders. | * The Companies Amendment Act 1986 was issued to implement EC Fourth Directive harmonizing financial reporting in member states | * The Companies Amendment Act 1990 was issued to deal with
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