United Kingdom

T. E. Cooke and R. S. Olusegun Wallace

Chapter Chapter 30 in Transnational Accounting, 1995, pp 2627-2800 from Palgrave Macmillan

Abstract: Abstract This contribution looks at the state of corporate financial reporting in the UK and the deliberate efforts that have been made and are being made to improve the level of reporting. Corporate financial reporting is an abstract concept which means a variety of things for a variety of users. In a competitive market, such as the business environment of the UK, customers, suppliers, employees, managers, investors, lenders and government (including tax authorities) need constant streams of information to assist them in their respective roles. In a regulated market, the regulator that serves as a surrogate for competition requires similar flows of information so as to regulate the market and stimulate customers, suppliers, employees, managers, investors and lenders to respond in that market in a way that is not dissimilar from a competitive market. Financial reporting is one constant stream of information available to these different constituencies.

Keywords: Balance Sheet; Generally Accept Accounting Principle; Financial Account Standard Board; Historical Cost; Annual Account (search for similar items in EconPapers)
Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-13233-1_30

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DOI: 10.1007/978-1-349-13233-1_30

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