BÀI GIẢNG kế TOÁN QUỐC tế chapter 2 the regulatory framework

International influences• The international influence on European accounting is very important.. All listed companies in the UK now have to prepare their consolidated accounts under In

Chapter 2

THE REGULATORY

FRAMEWORK

Learning Objectives

1 The regulatory system

2 IASB

The regulatory system

International influences

• The international influence on European accounting is very important All listed

companies in the UK now have to prepare their consolidated accounts under

International Financial Reporting

Standards

Treatments in IASs/IFRSs

• A number of accounting standards gave

preparers of accounts a choice of accounting

treatments – the ‘benchmark’ treatment and the

‘allowed alternative’ Most of these standards

have now been revised to remove this choice

There is now much more standardisation of

accounting treatment.

• Financial statements must give a ‘true and

fair view’ or ‘present fairly’ the entity’s

financial position

IASB

Standard setting process

The procedure can be summarised as follows