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The legal and regulatory generally influences the financial statements according to the existing laws. The legality of the financial statements are based on the existing laws.
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What are Legal and Regulatory Forces?
Legal and regulatory forces are laws that protect consumers and competition and government regulations that affect marketing.
What is legal and regulatory forces?
The American Bar Association is a regulator legal force. The Federal Trade Commission is a regulatory force for interstate commerce. Regulatory forces are needed to enforce laws.
What is a unconsolidated balance sheet?
When there is parent subsidiary relationship exists and in that case if separate financial statements are prepared by both parent and subsidiary company those statements are called unconsolidated statements.
Financial statements are prepared as a management tool and as a legal requirementwhat are some of the financial statements that would be needed for management decision making and which are required by?
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Under what circumstances do financial reviews have legal force?
Publicly owned companies are required to file quarterly financial statements and the company's external public auditor is required to perform a review at the end of the first three quarters
What are some forces that affect trading in global markets?
the forces that affect trading in global markets are sociocultural forces, economic and financial forces, legal and regulatory forces, and physical and environmental forces.
What are the major hurdles to successful global trade?
1) Dealing with differences in sociocultural forces 2) economic and financial forces 3) legal and regulatory forces 4) physical and environmental forces
Why Accounting standard are unnecessary for the purpose of regulating financial statements?
Accounting standards may be unnecessary in the sense that preparing financial statements is seen as a legal requirement not one that should always be bound by the accounting principles. It isa priority to follow the rules stated by the law even if it may not agree with the known standard.
Why is GAAP necessary?
GAAP, or Generally Accepted Accounting Principles, is necessary for several reasons. First, it helps ensure consistent and standardized financial reporting across different organizations and industries, making it easier to compare and analyze financial statements. Second, it provides transparency and helps maintain the integrity and reliability of financial information. Lastly, GAAP is necessary for compliance with legal and regulatory requirements, as well as for gaining the trust of investors, lenders, and other stakeholders.
