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Regulatory framework is necessary for the preparation of Financial statements.
- Financial statements are used by investors, lenders and customers (to name but few) and must be helpful for those stakeholders for making decisions.
- Statements should be comparable and provide basic information.
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∙ 14y ago
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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.
Why is it necessary to develop a definitional framework for the basic elements of accounting?
. According to the FASB conceptual framework, the objective of financial reporting for business enterprises is based on the needs of the users of financial statements. Explain the level of sophistication that the Board assumes about the users of financial statements
What is meant by regulatory reporting.?
reporting
What is Status and scope of conceptual framework?
secret....... :P
Is conceptual framework a reporting standard?
Not exactly. The FASB conceptual framework sets the general philosophies that the specific reporting standards are based on. For example, the framework establishes that the accrual basis of accounting should be used; the idea that expenses should be matched with the corresponding revenues (the Matching Principle), the Principle of Conservatism, etc. The specific reporting standards generally work inside this framework, unless doing so would mislead financial statement users.
Why is a regulatory framework necessary?
Regulatory framework is necessary for the preparation of Financial statements. - Financial statements are used by investors, lenders and customers (to name but few) and must be helpful for those stakeholders for making decisions. - Statements should be comparable and provide basic information.
What is network terminator point?
he network termination point represents a boundary for regulatory purposes between the regulatory framework for electronic communication networks and services and the regulation of telecommunication terminal equipment. Defining the location of the network termination point is the responsibility of the national regulatory authority, where necessary on the basis of a proposal by the relevant undertakings
What is the impact of legal and regulatory framework on hrm?
The impact of the legal and regulatory framework on HRM helps both the employer and employee understand the effects of employment law. The framework also helps in the implementation of the human resources policies
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 impact is the legal and regulatory framework having on human resource management?
nothing
The risks which the bank faces and the regulatory framework that is in place for minmizing these risks?
being robed bypeolpe
Why is it necessary to develop a definitional framework for the basic elements of accounting?
. According to the FASB conceptual framework, the objective of financial reporting for business enterprises is based on the needs of the users of financial statements. Explain the level of sophistication that the Board assumes about the users of financial statements
Which is a belief held by sociologists who work from a structural functional perspective?
One belief held by sociologists who work from a structural functional perspective is that societies are made up of interconnected parts that work together to maintain stability and order. They focus on the functions of different institutions and how they contribute to the overall functioning of society.
• Does the regulatory framework live up to the expectation, considering the immense power possessed by Private Capital or Big Multinational Corporations For example – Big Mining Companies, Big Oil Companies, Big Tech like Meta?
Yes, the regulatory framework of big companies is always up to the required mark. Big companies, such as Apple, Meta, Alphabet Inc. have regulatory frameworks which they follow to ensure that operations are run smoothly, and no problems arise. Even though private capital of such companies has immense power, it does not stop such companies from following the regulatory framework which has been set up for them by the government.
What theart note civil aviation?
The art note civil aviation refers to the legal and regulatory framework that is applicable in aviation.
What has the author Robertine Chaderton written?
Robertine Chaderton has written: 'The regulatory framework of accounting in Barbados' -- subject(s): Accounting, Standards
How do you explain why is hiring necessary and when?
Human Resource Management - Explain why is hiring necessary and when?
