The Regulatory System - 10%

Question 1

What is company law

Answer 1

Forms and contents of accounts regulated by CA 2006 ‘ true and fair view ‘

Question 2

What are international influences

Answer 2

The uk must follow eu legislation by enhancing laws to comply with eu directives

The IASB issues IAS/IFRSs

Question 3

Who are the IFRS foundations trustees

Answer 3

• IASB - international accounting standards board
• IFRSIC- interpretations committee
  IFRSAC- advisory council

Question 4

What is an integrated report

Answer 4

A wide ranging report demonstrating how an organisation bring together its strategy, governance, performance and future prospects to create value for its stakeholders

Question 5

What factors are considered in the value creation process

Answer 5

Financial ( funds available )
Manufactured e.g value of equipment
Intellectual - e.g patents and specialist knowledge
Human -e,g skills and motivation
Social and relation e.g the intellectual culture of the business and external brand value
Natural e.g the impact on the environment / use of natural resources