Critically appraise the current regulation of financial reporting for non-listed companies in the UK and compare the approach with another country of your choice.

Topic: Critically appraise the current regulation of financial reporting for non-listed companies in the UK and compare the approach with another country of your choice. Consider whether the costs imposed on preparers are balanced by the benefits received by users.Guidance:
The costs and benefits of the UK reporting framework for unlisted companies should be compared with that for another country. It is recommended that students select a model which is substantially different from the UK.(e.g. Germany)(If US need to be aware that as there does not have much details about the framework for the non-listed company.) While some background description of the frameworks will be necessary, reminded that most of the available marks will be reserved for a comparison and evaluation of the two systems.
Component:
Introduction and background to topic (10%)
A brief introduction should be given to the question. Evidence of reading and/or choice of appropriate concepts (20%)
Your essay should contain an analysis of the current academic literature in this area. The assignment should contain evidence of a wide range of sources, not just the use of lecture notes. In addition to text books references to at least 5 relevant academic journal articles should be included to support your work.
(References should be included both academic journal and online resources. Elliott B. and Elliott J. (2017) “Financial Accounting and Reporting”. Pearson. (E&E).
Melville, A. (2015), International Financial reporting A Practical Guide, Fifth
Edition, Pearson, (M).
Deloitte have published IFRS in your pocket 2016 which provides a useful free
summary of IFRS. It is available at:
http://www.iasplus.com/en-gb/publications/global/ifrs-in-your-pocket/2016
And may also use any of these website:
www.iasplus.com
www.ifrs.org
www.frc.org.uk
www.accountancyage.com
www.icaew.com )Understanding of key issues and Analysis (30%)
Presentation and evaluation of evidence (30%)
Answering question:
Compare the financial reporting framework for non-listed companies in two different countries (UK and any of your choice), highlighting differences. Evaluate the two different systems: discuss these systems from perspective of costs imposed on financial statements preparers and benefits provided to users. (Note: UK Framework for financial reporting for non listed companies—–IFRS 102/105; Framework not goodwill /accounting system.
Reevaluate what framework are; How does it decide to include / make the decision, and the advantage and disadvantage those framework given; how useful is the framework?; Framework level: What does non-listed company in that country need to prepare for the Financial statement; and cost and control of different framework. But dont need detail description between 2 different countries.)Conclude (explain your view on the extent of differences and reasons for them,
drawing on the arguments and research you have carried out).

 

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