Developments in and Influences on, Financial Reporting in UK

Yating Guo

doi:doi:10.11648/j.jfa.20150306.17

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Developments in and Influences on, Financial Reporting in UK

Yating Guo

Received: 15 October 2015 Accepted: 4 November 2015 Published: 17 November 2015

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Abstract

Accounting plays a very important role in society, it impacts on peoples’ wealth and can be a source of power. This does not just apply in the private sector commercial context (consider accounting in other contexts: the public sector, e.g. hospitals and prisons, education, the military; religious institutions; private households, etc.). In addition, accounting information and performance indicators are not objective, absolute measures. Skill and judgment are required in preparing and interpreting accounting information. Thus, this paper will introduce the key developments and influences of the financial reporting in the UK. The research target of this report is the United Kingdom, and the destination is to determine some significant developments and its influences on financial reporting in UK. For this aim, the development of financial reporting from accounting standard and economic policy aspects should be involved, as well as few marked impact on the future of the UK. Relying on the effect of IFRS and Companies Act 2006, financial reporting has a strong transparency and enough reliability of standards to support its constant accounting system. It is foreseen, UK will continue to maintain its existing accounting standards and it will gradually reduce failure economic events in future.

DOI	10.11648/j.jfa.20150306.17
Published in	Journal of Finance and Accounting (Volume 3, Issue 6, November 2015)
Page(s)	215-219
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Financial Reporting, IFRS, Companies Act 2006, Company Law, New UK GAAP

References

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[2]	BALL, R., 2006. International Financial Reporting Standards (IFRS): pros and cons for investors. Accounting & Business Research (Wolters Kluwer UK), 12/02, vol. 36, pp. 5-27.
[3]	BENZACAR, K., 2009. IFRS brings a radical change to financial statement presentation. (cover story). CMA Management, 02, vol. 82, no. 9, pp. 28-33.
[4]	CHRISTENSEN, H.B., LEE, E. and WALKER, M., 2007. Do IFRS/UK-GAAP reconciliations convey new information?. SSRN eLibrary, Available at: Http://ssrn.com/paper¼997800.
[5]	CHRISTENSEN, H.B., LEE, E. and WALKER, M., 2007. Cross-sectional variation in the economic consequences of international accounting harmonization: The case of mandatory IFRS adoption in the UK. International Journal of Accounting, 12, vol. 42, no. 4, pp. 341-379.
[6]	FEARNLEY, S. and HINES, T., 2007. How IFRS has destabilised financial reporting for UK non-listed entities. Journal of Financial Regulation & Compliance, 11, vol. 15, no. 4, pp. 394-408.
[7]	GEE, M., HALLER, A. and NOBES, C., 2010. The Influence of Tax on IFRS Consolidated Statements: The Convergence of Germany and the UK. Accounting in Europe, 06, vol. 7, no. 1, pp. 97-122.
[8]	GORNIK-TOMASZEWSKI, S., 2006. New International Standard for Disclosures of Financial Instruments. Bank Accounting & Finance (08943958), 02, vol. 19, no. 2, pp. 43-44.
[9]	GUGLIELMI, T., 2013. Watching the GAAP. Accountancy Ireland, 08, vol. 45, no. 4, pp. 57-57.
[10]	HACKETT, F., 2013. White Smoke on New GAAP. Accountancy Ireland, 04, vol. 45, no. 2, pp. 7-10.
[11]	HALLER, A. and WEHRFRITZ, M., 2013. The impact of national GAAP and accounting traditions on IFRS policy selection: Evidence from Germany and the UK. Journal of International Accounting, Auditing & Taxation, vol. 22, no. 1, pp. 39-56.
[12]	HORTON, J. and SERAFEIM, G., 2010. Market reaction to and valuation of IFRS reconciliation adjustments: first evidence from the UK. Review of Accounting Studies, 12, vol. 15, no. 4, pp. 725-751.
[13]	IATRIDIS, G.E., 2012. Voluntary IFRS disclosures: evidence from the transition from UK GAAP to IFRSs. Managerial Auditing Journal, vol. 27, no. 6, pp. 573-597.
[14]	NOBES, C., 2006. The survival of international differences under IFRS: towards a research agenda. Accounting & Business Research (Wolters Kluwer UK), 09, vol. 36, no. 3, pp. 233-245.
[15]	O'CALLAGHAN, I. and REYNOLDS, C., 2008. Bookshelf. Accountancy Ireland, 12, vol. 40, no. 6, pp. 86-86.
[16]	PWC. 2013. Is new UK GAAP right for you?. [online] Available at: http://www.pwc.co.uk/audit-assurance/is-new-uk-gaap-right-for-you.jhtml [Accessed: 12 Nov 2013].
[17]	STEINFIELD, A. 2007. Blackstone's guide to the Companies Act 2006. Oxford: University Press.
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APA Style

Yating Guo. (2015). Developments in and Influences on, Financial Reporting in UK. Journal of Finance and Accounting, 3(6), 215-219. https://doi.org/10.11648/j.jfa.20150306.17

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ACS Style

Yating Guo. Developments in and Influences on, Financial Reporting in UK. J. Finance Account. 2015, 3(6), 215-219. doi: 10.11648/j.jfa.20150306.17

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AMA Style

Yating Guo. Developments in and Influences on, Financial Reporting in UK. J Finance Account. 2015;3(6):215-219. doi: 10.11648/j.jfa.20150306.17

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@article{10.11648/j.jfa.20150306.17,
  author = {Yating Guo},
  title = {Developments in and Influences on, Financial Reporting in UK},
  journal = {Journal of Finance and Accounting},
  volume = {3},
  number = {6},
  pages = {215-219},
  doi = {10.11648/j.jfa.20150306.17},
  url = {https://doi.org/10.11648/j.jfa.20150306.17},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20150306.17},
  abstract = {Accounting plays a very important role in society, it impacts on peoples’ wealth and can be a source of power. This does not just apply in the private sector commercial context (consider accounting in other contexts: the public sector, e.g. hospitals and prisons, education, the military; religious institutions; private households, etc.). In addition, accounting information and performance indicators are not objective, absolute measures. Skill and judgment are required in preparing and interpreting accounting information. Thus, this paper will introduce the key developments and influences of the financial reporting in the UK. The research target of this report is the United Kingdom, and the destination is to determine some significant developments and its influences on financial reporting in UK. For this aim, the development of financial reporting from accounting standard and economic policy aspects should be involved, as well as few marked impact on the future of the UK. Relying on the effect of IFRS and Companies Act 2006, financial reporting has a strong transparency and enough reliability of standards to support its constant accounting system. It is foreseen, UK will continue to maintain its existing accounting standards and it will gradually reduce failure economic events in future.},
 year = {2015}
}

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TY  - JOUR
T1  - Developments in and Influences on, Financial Reporting in UK
AU  - Yating Guo
Y1  - 2015/11/17
PY  - 2015
N1  - https://doi.org/10.11648/j.jfa.20150306.17
DO  - 10.11648/j.jfa.20150306.17
T2  - Journal of Finance and Accounting
JF  - Journal of Finance and Accounting
JO  - Journal of Finance and Accounting
SP  - 215
EP  - 219
PB  - Science Publishing Group
SN  - 2330-7323
UR  - https://doi.org/10.11648/j.jfa.20150306.17
AB  - Accounting plays a very important role in society, it impacts on peoples’ wealth and can be a source of power. This does not just apply in the private sector commercial context (consider accounting in other contexts: the public sector, e.g. hospitals and prisons, education, the military; religious institutions; private households, etc.). In addition, accounting information and performance indicators are not objective, absolute measures. Skill and judgment are required in preparing and interpreting accounting information. Thus, this paper will introduce the key developments and influences of the financial reporting in the UK. The research target of this report is the United Kingdom, and the destination is to determine some significant developments and its influences on financial reporting in UK. For this aim, the development of financial reporting from accounting standard and economic policy aspects should be involved, as well as few marked impact on the future of the UK. Relying on the effect of IFRS and Companies Act 2006, financial reporting has a strong transparency and enough reliability of standards to support its constant accounting system. It is foreseen, UK will continue to maintain its existing accounting standards and it will gradually reduce failure economic events in future.
VL  - 3
IS  - 6
ER  -

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Author Information

Yating Guo

Accounting and Finance Division, University of Stirling, Scotland, United Kingdom

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APA Style

Yating Guo. (2015). Developments in and Influences on, Financial Reporting in UK. Journal of Finance and Accounting, 3(6), 215-219. https://doi.org/10.11648/j.jfa.20150306.17

Copy | Download

ACS Style

Yating Guo. Developments in and Influences on, Financial Reporting in UK. J. Finance Account. 2015, 3(6), 215-219. doi: 10.11648/j.jfa.20150306.17

Copy | Download

AMA Style

Yating Guo. Developments in and Influences on, Financial Reporting in UK. J Finance Account. 2015;3(6):215-219. doi: 10.11648/j.jfa.20150306.17

Copy | Download

@article{10.11648/j.jfa.20150306.17,
  author = {Yating Guo},
  title = {Developments in and Influences on, Financial Reporting in UK},
  journal = {Journal of Finance and Accounting},
  volume = {3},
  number = {6},
  pages = {215-219},
  doi = {10.11648/j.jfa.20150306.17},
  url = {https://doi.org/10.11648/j.jfa.20150306.17},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jfa.20150306.17},
  abstract = {Accounting plays a very important role in society, it impacts on peoples’ wealth and can be a source of power. This does not just apply in the private sector commercial context (consider accounting in other contexts: the public sector, e.g. hospitals and prisons, education, the military; religious institutions; private households, etc.). In addition, accounting information and performance indicators are not objective, absolute measures. Skill and judgment are required in preparing and interpreting accounting information. Thus, this paper will introduce the key developments and influences of the financial reporting in the UK. The research target of this report is the United Kingdom, and the destination is to determine some significant developments and its influences on financial reporting in UK. For this aim, the development of financial reporting from accounting standard and economic policy aspects should be involved, as well as few marked impact on the future of the UK. Relying on the effect of IFRS and Companies Act 2006, financial reporting has a strong transparency and enough reliability of standards to support its constant accounting system. It is foreseen, UK will continue to maintain its existing accounting standards and it will gradually reduce failure economic events in future.},
 year = {2015}
}

Copy | Download

TY  - JOUR
T1  - Developments in and Influences on, Financial Reporting in UK
AU  - Yating Guo
Y1  - 2015/11/17
PY  - 2015
N1  - https://doi.org/10.11648/j.jfa.20150306.17
DO  - 10.11648/j.jfa.20150306.17
T2  - Journal of Finance and Accounting
JF  - Journal of Finance and Accounting
JO  - Journal of Finance and Accounting
SP  - 215
EP  - 219
PB  - Science Publishing Group
SN  - 2330-7323
UR  - https://doi.org/10.11648/j.jfa.20150306.17
AB  - Accounting plays a very important role in society, it impacts on peoples’ wealth and can be a source of power. This does not just apply in the private sector commercial context (consider accounting in other contexts: the public sector, e.g. hospitals and prisons, education, the military; religious institutions; private households, etc.). In addition, accounting information and performance indicators are not objective, absolute measures. Skill and judgment are required in preparing and interpreting accounting information. Thus, this paper will introduce the key developments and influences of the financial reporting in the UK. The research target of this report is the United Kingdom, and the destination is to determine some significant developments and its influences on financial reporting in UK. For this aim, the development of financial reporting from accounting standard and economic policy aspects should be involved, as well as few marked impact on the future of the UK. Relying on the effect of IFRS and Companies Act 2006, financial reporting has a strong transparency and enough reliability of standards to support its constant accounting system. It is foreseen, UK will continue to maintain its existing accounting standards and it will gradually reduce failure economic events in future.
VL  - 3
IS  - 6
ER  -

Copy | Download