Legislation
The principal legislation governing reporting in the UK is laid down in the Companies Act 2006, which incorporates the requirements of European law. The Companies Act sets out certain minimum reporting requirements for companies and, for example, requires limited companies to file their accounts with the Registrar of Companies who makes them available to the general public.
From 2005, this framework changed as a result of European law requiring that all listed European companies report under International Financial Reporting Standards (IFRSs). In the UK, companies which are not listed have the option to report either under IFRSs or under UK GAAP. Recently issued UK FRSs have, in any case replicated the wording of corresponding IFRSs, reducing the differences between the two sets of standards significantly.
Read more about this topic: Generally Accepted Accounting Practice (UK)
Famous quotes containing the word legislation:
“There were two unpleasant surprises [about Washington]. One was the inertia of Congress, the length of time it takes to get a complicated piece of legislation through ... and the other was the irresponsibility of the press.”
—Jimmy Carter (James Earl Carter, Jr.)
“The wise know that foolish legislation is a rope of sand, which perishes in the twisting.”
—Ralph Waldo Emerson (1803–1882)
“The laboring man and the trade-unionist, if I understand him, asks only equality before the law. Class legislation and unequal privilege, though expressly in his favor, will in the end work no benefit to him or to society.”
—William Howard Taft (1857–1930)