Describe the different users of financial statements and their needs and explain how the information needs of different user groups vary.
1.2 Explain the legal and regulatory influences on financial statements.
Below are things which is needed to be explained
|Accounting Legislation Explain||Regulatory Framework|
|Companies Act||Statement of Standard Accounting Practice (SSAPs)|
|FRS/IFRS||Financial Standards (FRS)|
|European Directives||International Accounting Standards (IAS)|
(Also need to give at least one example for each law and regulation regarding how they impact FS (Financial Statement))
(For the preparation of Financial Statement we use laws and regulations. Assess the implication for the users including Advantages (2-3) and Disadvantages (2-3))
(Laws and Regulations: 1) IAS Affecting the Accounting Standards (Give at least one example)
2) EU Regulations -} SME -} Affecting the Accounting Standards (Give at least one example))
Put it on word document with reference using Harvard referencing and citations.
1.4 and after 2.3 because 2.1 and 2.2 I don’t need to do