The Companies Act 1989: accounting aspects

Article Abstract:

The Companies Act 1989 was passed to implement the European Community Seventh Directive on consolidated accounts and the Eight Directive on company auditors. The legislation also introduces new provision for registration of charges and creates new rules on deregulation for private companies. The Act also defines accounting standards as statements of standard accounting practice to be issued by bodies granted power by the Secretary of State, who has the authority to empower such bodies to create and oversee regulations.

Standards, Accounting, European Union, European Community

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Financial services: prospectus and audit

Article Abstract:

The UK's Financial Services Act 1986 provides several new and revised regulations for the protection of investors. Specific areas covered include the listing of securities, the regulation of prospectuses, and auditing requirements and procedures. Part IV of the Act charges the Council of the Stock Exchange with the responsibility of making rules for listing new stocks. Section 107 of Part V provides a framework for auditing businesses, including detailing of the audit issues that must be covered.

Laws, regulations and rules, Consumer protection, Investments

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