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Question
Advanced Financial Accounting and Reporting Critical Assessment Whether It would be Sufficient to Simply Comply with the Domestic Regulations (the UK GAAP) rather than being concerned with External/International Regulations (IFRS/IAS)
Solution
Introduction
The financial statements preparation is one of the essential financial management functions that aid companies to reveal actual financial picture or position towards sustaining share value and goodwill to raise funds in the future. The trend of globalisation has extended business boundaries across the global level and thereby, abidance with the global level requirement is the imposed liability (McKinney, 2015). In the same respect, the preparation of financial statements and annual reports is turning complex for companies due to the substantial prerequisite of abiding by the Company Law, International Financial Reporting Standards and Stock Exchange requirements. The number of different regulations has imposed varied liabilities and obligations on the companies in respect of computation and presentation of the financial figures for the investors, creditors and shareholders.
The efforts of the companies in the UK are becoming more than prompt troubling situations in terms of integrating and balancing domestic and international requirements. The global operations of the companies based in the UK and access of foreign direct investment (FDI) have forced to comply with the domestic and external regulations (Gastón et al., 2010).
In the same context, this essay is conducted critical assessment whether it would be sufficient for companies to merely comply with the legal requirements of the country in which they are based rather than being concerned with any other external regulations. The necessity of compliance with both domestic and foreign regulations for preparation of financial statements is critically explored in this essay by comparing the effect of the regulations on the information prepared and presented within financial statements.
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