What the practitioners thought
Article Abstract:
A visit from the Joint Monitoring Unit (JMU) is viewed with apprehension by most UK accounting practitioners. Two practitioners, Robert Dicketts of Lee Dicketts & Co and Howard Gross of Gross Klein & Co, who survived inspection by the JMU share their impressions on the visit. Gross believes that the JMU visits are serving the interest of the public because they compel practitioners to work for high standards, while Dicketts is only too willing to comply with JMU requirements. However, the two admit that some JMU requirements are hard to meet. Gross complains that the monitoring body expects excessive planning, controlling and recording of work; treats small and large firms in the same way; and demands a memorandum detailing the outline ordered method. The two also discovered that the JMU and the Institute of Chartered Accountants in England and Wales had different guidelines in some areas of best practice.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1992
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Consultative Document: Exemptions from Standards on Grounds of Size or Public Interest: November 1994
Article Abstract:
A working party organized by the Consultative Committee of Accountancy Bodies (CCAB) has released a report that recommends the exemption of smaller companies from many accounting standards. The report was published in Nov. 1994 following extensive discussions between the Accounting Standards Board (ASB) and members of the CCAB about ways by which the administrative costs of reporting requirement compliance could be reduced, particularly for small owner-managed entities. The text of the report is provided for consideration by members of the accountancy profession. It covers areas such as the statutory framework of the Companies Act of 1985, the needs of users of financial reports, the administrative burdens placed on small companies by various reporting regulations, and proposals for providing small companies with exemptions from such regulations.
Publication Name: Accountancy
Subject: Business
ISSN: 0001-4664
Year: 1995
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