Regulation of financial reporting by large listed companies in the UK Essay

Regulation of financial reporting by large listed companies in the UK - Essay Example Let us start with interpretation of Standards. Different companies have interpreted the standards in different ways; and it appears that this interpretation aspect is the major cause of inconsistency or lack of uniformity appearing the implementation of IFRS among companies. Uniformity and creditability are highly essential for financial reporting and its regulation ensures that directors and auditors provide reports that are credible by giving them guidance to point out instance relevant rules when certain policies are considered appropriate.(Barry Elliot and James Elliot, 2005)4 IFRS is considered a principal- based system. â€Å"The advantage of a principle based system is that it offers the accountant possibilities to adapt the reporting of transactions to their unique economic settings. A high portion or flexibility increases the possibility to provide a fair presentation of transactions†. (Wyatt, 2005)19. But this advantage is coupled with limitation of different interpretations in order to achieve fair presentation as far as possible, and thereby the inconsistency creeps in affecting the comparability. If a review is made of notes to financial statements of large companies, it will be revealed that most of these are either declaration of accounting principles and policies or other necessary disclosures required to be made under IFRS. Out of such detailed and It would be sufficient if companies make only one line declaration that policies and procedures have been followed as laid down in IFRS manual, except for the principles and procedures detailed in the notes. In other words notes to financial statements of larger companies should contain disclosure of those policies and procedures that have not been followed by the company knowingly or otherwise. Matez Bosnak12, partner of Ernest & Young in Slovakia has, while assessing the first year implementation of IAS, rightly stated that â€Å"typically, IFRS financial

Kupreskic et al., Trial Chamber, Judgment, 14 January 2000, Case no Research Paper

Kupreskic et al., Trial Chamber, Judgment, 14 January 2000, Case no. IT-95-16-T - Research Paper Example The International Criminal Tribunal for the former Yugoslavia was created in the context of the United Nations aiming to criticize the military activities developed in the greater area of Balkans during the 1990s. A particular decision of this Court is examined in this paper: the case Kupreskic et al. (no. IT-95-16-T); the justification of the Court’s decision on the above case is presented and explored. The role of this decision on the development of customary law is also examined; the involvement of humanitarian law in the establishment of customary law is criticized. One of the most important contributions of the above case seems to be its role in the expansion of customary law: it is held that principles of humanitarian law can be applied even when such case is not clearly stated in the national law – the customary law is expected to be used in order to develop such schemes; the relevant initiatives can be justified by referring to the humanity or the public interes t – an issue that is analytically explored through the case law developed in the specific field – in addition with the case under examination. In accordance with the Court’s decision – par. 531 – in the case under examination ‘a customary rule of the international law has emerged’; the existence of this rule is justified by referring to the ‘requirements of humanity and the dictates of public conscience’1; at this point, it would be necessary to identify the Chamber’s way of determining rules of customary law in the field of international humanitarian law. Of particular importance would be at this point the reference to the view of Kwakwa who mentioned that a reprisal action can be regarded as opposing the international customary law mostly because these initiatives are expected to have ‘injurious effects on a civilian population’;2 in other words,