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AC111 COURSEWORK 1. Discuss the need for regulation in financial reporting. Discuss: Since 1990 the Accounting Standards Board has produced Financial Reporting Standards (FRSs),It has been performing a very important role in the economics market as the published accounts are the essential sources of information about the organizations' performance which is available of the both internal and external user group in large organizations. * Financial Reporting Regulations in UK Regulators that establish requirements for the reporting of financial results have recently issued several new initiatives targeted at the practices of many firms. The creation of regulations for financial reporting in the UK combine both legislative authority and the work of private organizations. The issuing organizations and their responsibilities are discussed below and represented in Table 1. The UK Companies Act of 1985, and amended in 1989, requires firms to provide financial statements that comply with 'accounting standards' and disclose any departures from those standards...

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