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BTEC Unit 6 Financial Accounting P2 (Pass)
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BTEC Unit 6 Financial Accounting P2 (Pass)
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P2:Understand the impact of regulatory framework on a limited company’s
accounting policies and procedures.
Regulatory Framework:
Financial accountants produce financial statements like the balance sheet, P&L
statement and the cash flow based on the accounting standards in a given
jurisdiction. These standards may be the Generally Accepted Accounting
Principles (GAAP) of a respective country. Which are usually issued by a national
standard setter or International Financial Reporting Standards (IFRS) which are
issued by the International Accounting Standards Board (IASB).
Financial accounting has the following purposes:
Producing general purpose financial statements
Producing information used by the management of a business entity for
decision making and planning and performance evaluation.
Producing financial statements for meeting regulatory requirements.
International Financial Reporting Standards (IFRS)
International Financial Reporting Standards (IFRS) set common rules so that
financial statements can be consistent, transparent and comparable around the
world. IFRS are issued by the International Accounting Standards Board (IASB).
They specify how companies must maintain and report their accounts, defining
types of transactions and other events with financial Impact. The IFRS were
established to create a common accounting language, so that the financial
statements from businesses can be reliable from company to company and
country to country.
Statements of Standard Accounting Practices (SSAP)
SSAP 9
The SSAP 9 gives guidance on the values of stock and the long-term contracts that
need to be included in the balance sheet and on the criteria for recognition of
income and expenditure on such items with the profit and loss account. This
standard impacts the limited company’s financial statements, because they have
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