Developments in and Influences on, Financial Reporting in UK
Journal of Finance and Accounting
Volume 3, Issue 6, November 2015, Pages: 215-219
Received: Oct. 15, 2015; Accepted: Nov. 4, 2015; Published: Nov. 17, 2015
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Author
Yating Guo, Accounting and Finance Division, University of Stirling, Scotland, United Kingdom
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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.
Keywords
Financial Reporting, IFRS, Companies Act 2006, Company Law, New UK GAAP
To cite this article
Yating Guo, Developments in and Influences on, Financial Reporting in UK, Journal of Finance and Accounting. Vol. 3, No. 6, 2015, pp. 215-219. doi: 10.11648/j.jfa.20150306.17
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Copyright © 2015 Authors retain the copyright of this article.
This article is an open access article distributed under the Creative Commons Attribution License (http://creativecommons.org/licenses/by/4.0/) which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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