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What are the regulatory framework governing financial reporting in the UK?
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Choi, Companies Act 1985 is the main legislation for financial reporting in the UK. This is supported by a number of standards (which now mirror the international standards) issued by the [URL=www.asb.org.uk]ASB[/URL]. Published accounts have to comply to both these in order to pass the audit. Depending on the nature of the company there may be other regulations which apply - e.g. companies quoted on the [URL=www.londonstockexchange.com]London Stock Exchange[/URL] are subject to futher requirements, especially on the role of Corporate Governance and Internal Control.
Andy
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