Chapter THE REGULATORY FRAMEWORK Learning Objectives The regulatory system IASB The regulatory system International influences EU IFAC UN OECD • The international influence on European accounting is very important All listed companies in the UK now have to prepare their consolidated accounts under International Financial Reporting Standards Treatments in IASs/IFRSs • A number of accounting standards gave preparers of accounts a choice of accounting treatments – the ‘benchmark’ treatment and the ‘allowed alternative’ Most of these standards have now been revised to remove this choice There is now much more standardisation of accounting treatment • Financial statements must give a ‘true and fair view’ or ‘present fairly’ the entity’s financial position IASB Standard setting process The procedure can be summarised as follows ... Objectives The regulatory system IASB The regulatory system International influences EU IFAC UN OECD • The international influence on European accounting is very important All listed companies in the. .. choice of accounting treatments – the ‘benchmark’ treatment and the ‘allowed alternative’ Most of these standards have now been revised to remove this choice There is now much more standardisation... statements must give a ‘true and fair view’ or ‘present fairly’ the entity’s financial position IASB Standard setting process The procedure can be summarised as follows