The regulatory framework in accounting ensures financial reporting is transparent, accurate, and consistent
Which regulatory body develops International Financial Reporting Standards (IFRS)?
IASB
The regulatory framework helps maintain the credibility and integrity of financial markets.
The International Accounting Standards Board (IASB) develops International Financial Reporting Standards (IFRS) to promote consistent financial reporting globally
Match the regulatory body with its role:
International Accounting Standards Board (IASB) ↔️ Develops International Financial Reporting Standards (IFRS)
Financial Reporting Council (FRC) ↔️ Oversees accounting and auditing in the UK
Companies House ↔️ Registers and stores company information
Accounting standards provide rules for recognizing, measuring, and presenting financial information
The International Accounting Standards Board (IASB) develops IFRS to ensure global consistency in financial reporting.
International Accounting Standards (IAS) enhance the comparability of financial statements across different companies and countries
What is one key benefit of Financial Reporting Standards (FRS)?
Comparability
The Financial Reporting Council (FRC) oversees accounting and auditing practices in the UK.
Which regulatory body ensures accounting and auditing meet standards in the UK?
FRC
IAS improves the transparency of financial information, ensuring it is clear and accessible to all stakeholders
What is one primary goal of Financial Reporting Standards (FRS)?
Comparability
Regulatory compliance in financial accounting increases transparency but may raise costs.