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Statuatory Account are custom defined for a particular company if it is following its own accounting principles or a separate ledgers for its accounts then statuatory accounts will come in place
where is regulatory accounts are regular accounts which is called as General Chart of Accounts which is already defined.
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What is the meaning of statutory and regulatory framework for financial accounting?
Statutory means it is required by Law. Regulatory means it is required my regulatory bodies such as the FSA in Great Britain and Northern Ireland.
What are the differences between GAAP and SAP?
What Does Statutory Accounting Principles - SAPMean?A set of accounting regulations prescribed by the National Association of Insurance Commissioners for the preparation of an insuring firm's financial statements.Investopedia explains Statutory Accounting Principles - SAPFilings prepared using SAP are submitted to individual state regulatory bodies; SAP are regarded as more regulatory and conservative than the GAAP method of preparing financial statements.
What si accounting standard?
Accounting Standards are the statements of code of practice of the regulatory accounting bodies that are to be observed in the preparation and presentation of financial statements.
Function of accounts department?
the account office is responsible for maintaining the company's accounting records for statutory, regulatory and management purposes and for the day to day financial transaction of the company.
Which group uses accounting information primarily to ensure the entity is operating within prescribed rules?
Regulatory AgenciesSource (Essentials of Accounting, 4th Edition. John Wiley & Sons p. 7).
What is the meaning of statutory and regulatory framework for financial accounting?
Statutory means it is required by Law. Regulatory means it is required my regulatory bodies such as the FSA in Great Britain and Northern Ireland.
What are the differences between GAAP and SAP?
What Does Statutory Accounting Principles - SAPMean?A set of accounting regulations prescribed by the National Association of Insurance Commissioners for the preparation of an insuring firm's financial statements.Investopedia explains Statutory Accounting Principles - SAPFilings prepared using SAP are submitted to individual state regulatory bodies; SAP are regarded as more regulatory and conservative than the GAAP method of preparing financial statements.
What is statutory accounting?
nothing
Does regulatory law add clarity to statutory law?
It can.
What is the regulatory bodies in accounting?
The regulatory bodies that govern accounting practices are Securities and Exchange Commission, the American Institute of Certified Public Accountants, the Financial Accounting Standards Board and the Governmental Accounting Standards Board. These regulatory bodies make sure companies file their accounting statements correctly.
What are the difference between statutory and regulatory?
Statutory refers to laws passed by the state of federal government. Regulatory means a rule issued by some agency that the government has given authority to regulate an industry.
What is a Statutory financial statement?
A statutory financial statement is a financial statement of an insurance company prepared in accordance with statutory accounting standards.
What is the difference between statutory and regulatory requirements?
Organizations must comply with statutory requirements by law. Whereas regulatory requirements may or may not have been legally set forth. They are generally used to manage or control an activity.
The act of directing ordering or controlling by virtue of explicit statutory regulatory or delegated at the field level is referred to as?
The act of directing ordering or controlling by virtue of explicit statutory regulatory or delegated authority at the field level is referred to as command.
The statutory and regulatory framework for accounting profession of Nigeria?
Regulation of accounting information is aimed at ensuring that users of financial statements receive a minimum amount of information that will enable them take meaningful decisions regarding their interest in a reporting entity. The bodies responsible for these regulations are often statutory agencies such as the Accounting Standards Board, Securities and Exchange Commission and the Stock Exchange. The bulk of this framework is usually contained in Accounting Standards. The Nigerian Accounting Standards Board is the body responsible for the issuance of Accounting Standards in Nigeria. This Board was initially an advisory body responsible for the production of standards that will serve as a guide to Accountants in the preparation of financial statements.
What si accounting standard?
Accounting Standards are the statements of code of practice of the regulatory accounting bodies that are to be observed in the preparation and presentation of financial statements.
what is the act of directing ordering or controlling by virtue of explicit statutory regulatory or delegated authority?
command
