ASC moves towards a standard

Article Abstract:

The Accounting Standards Committee of the UK is preparing a much needed standard for off-balance sheet finance. Off-balance sheet activities that are in special need of guidance are the consolidation of non-subsidiary subsidiaries, and interest rate and currency rate swaps. Under current accounting procedures, a firm's underlying currency position may be increasingly obscured from the position represented in its accounts as the firm becomes more active in swaps trading.

Financial statements

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Management control

Article Abstract:

A guidance to good practice statement issued by the Business Support Group of the Institute of Chartered Accountants is presented. The purpose of the statement is to develop a framework for effective internal controls. Topics discussed include: the control environment, the definition of control, planning and implementing control procedures, determining responsibilities, and measuring and reviewing plan performance.

Management, Accounting and auditing, Institute of Chartered Accountants in England and Wales, Accountants, Planning

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