The hazards of being a director

Article Abstract:

Accounting disclosure requirements relative to director agreements and contracts under the British Companies Acts from 1948 to 1985 are discussed. For publicly traded corporations, these disclosures must be published as part of the company's annual report; for privately held firms, the disclosures should be made to other members of the corporate board. Among Britain's laws governing directors' relationships with their companies is the rule that director loans should not exceed 2,500 pounds sterling; however, loans larger than this amount are frequently disclosed in accounting reports and accountants are not required to qualify their opinion on the annual report when such loan compliance laws have been breached. These and other loopholes in Britain's director disclosure laws are examined from the viewpoints of the public, the directors, and the auditors.

Laws, regulations and rules, Corporate directors, Corporate officers

---

The Financial Services Act and the auditor

Article Abstract:

The auditor's role has not yet been thoroughly defined under the Financial Services Act of 1986, but it is possible to extrapolate on the basis of the Securities and Investments Board (SIB) regulations. These concern accounting records;financial resources requirements; preparation of financial reports; clients' money rules; and financial notification. The new and controversial aspect of the law is that the auditor is required to report serious problems directly to the authorities. Such a problem might be discovering that the client had failed to comply with the appropriate SIB rules of financial notification.

Auditing, Ethical aspects, Auditors

---

Taxation: tinkering or reform?

Article Abstract:

Real tax reforms are needed for Great Britain to achieve a true incentive-based economy. The demand management policy during the early years of the Thatcher administration is no longer prudent under an open European market. The rate reductions to date have not been sufficient to generate an effective tax base. More reforms are needed to lower the rates further and to re-formulate the method of calculation of employment-based taxes levied against businesses.

Interpretation and construction, Tax law, Tax reform

Similar abstracts:

• Abstracts: What's happening in the public sector? The Financial Management Initiative - Is it working? A nod and a wink from the Treasury
• Abstracts: Treatment of partnership nonrecourse liabilities clarified by new Regulations. Partnership rules clarified as part of new law
• Abstracts: Three months' debate begins. The road to satisfaction. Mens sana in corpore sano
• Abstracts: Plain English is best. Is your business adequately insured? EEC directive puts onus on producers

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.