Different Sources of Regulation for Financial Statements in Ireland

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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 )…show more content…
Its function is to oversee the preparation and implementation of reporting standards and it is independent of the professional bodies it represents. ' Two other bodies were also set up and report to the FRC - The ASB and the Review Panel. The FRC appoints members tot the ASB, and all standards issued by the ASB are called Financial Reporting Standards ( FRS’s) . Many of the FRS's developed and issued by the ASB are now replacing the SSAP's. IAS's ‘From January 2005 Irish companies listed in an European securities market were required to prepare group accounts in accordance with IAS's’ Stock Exchange Requirments Companies who have their shares quoted on the Stock Exchange must disclose extra information to the public and shareholders. The following are some of the main extra disclosures required by the stock exchange : The preparation of half yearly reports in the form of an abbreviated profit and loss account. | Details of contracts and financial arrangements between directors and company. | Changes in capital structure that might affect the share price . | The principal country inwhich each subsidiary operates. | A geographical analysis of turnover and profits. | Small and Medium sized companies These companies which are categorized by headcount revenue and balance
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