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    Explain Regulatory Framework For Financial Reporting?: Task 1.5

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    Hashir Aslam
    The regulatory framework for financial reporting establishes rules and means of enforcement set by governments to regulate financial reporting activities. It exists to ensure standards comply with existing regulatory frameworks and accounting needs, provide reliable and relevant reporting, and ensure users receive only information relevant to decision making. Standards are set by the International Accounting Standards Board with the goal of a single set of high-quality worldwide standards, though it partners with national standard setters for enforcement.

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    Explain Regulatory Framework For Financial Reporting?: Task 1.5

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    Hashir Aslam
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    The regulatory framework for financial reporting establishes rules and means of enforcement set by governments to regulate financial reporting activities. It exists to ensure standards comply with existing regulatory frameworks and accounting needs, provide reliable and relevant reporting, and ensure users receive only information relevant to decision making. Standards are set by the International Accounting Standards Board with the goal of a single set of high-quality worldwide standards, though it partners with national standard setters for enforcement.

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    The regulatory framework for financial reporting establishes rules and means of enforcement set by governments to regulate financial reporting activities. It exists to ensure standards comply with existing regulatory frameworks and accounting needs, provide reliable and relevant reporting, and ensure users receive only information relevant to decision making. Standards are set by the International Accounting Standards Board with the goal of a single set of high-quality worldwide standards, though it partners with national standard setters for enforcement.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    23 views2 pages

    Explain Regulatory Framework For Financial Reporting?: Task 1.5

    Uploaded by

    Hashir Aslam
    The regulatory framework for financial reporting establishes rules and means of enforcement set by governments to regulate financial reporting activities. It exists to ensure standards comply with existing regulatory frameworks and accounting needs, provide reliable and relevant reporting, and ensure users receive only information relevant to decision making. Standards are set by the International Accounting Standards Board with the goal of a single set of high-quality worldwide standards, though it partners with national standard setters for enforcement.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Task 1.

    5
    Explain regulatory framework for financial reporting?

    Regulatory framework is a system of regulations and the means used to enforce


    them. They are usually established by the government to regulate the specific
    activities in financial reporting. These rules have a structured way of being supported
    and enclosed in a safe place. Most of them are recognized by the law.

    Financial Reporting (2013/14)

    List down reasons why does it exists?

    The reasons for why regulatory framework is required and its existence are:

     To ensure that the standards comply with existing regulatory frameworks


     To ensure that the relevant and reliable financial reporting
     To ensure that the standards comply with the domestic accounting need of our
    country.
     To ensure that users of financial report receive only the information which are
    in their interest and their decision making.

    Financial Reporting (2013/14)

    What is the procedure to set these standards?

    International financial reporting standards (IFRS) represent a set of generally


    accepted accounting principles (GAAP) which is used by different companies to
    prepare financial statements.

    While setting these standards, it is the intention of the International Accounting


    Standards Board (IASB) that they must develop a single set of understandable and
    enforceable high quality worldwide accounting standards. However, International
    Accounting Standards Board (IASB) cannot enforce compliance with its standards on
    their own. So it partners up for the co-operation of the major national setters.
    Financial Reporting (2013/14)

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