Discuss and describe the financial reporting framework in the UK and the impacts on financial statements and their users.

Discuss and describe the financial reporting framework in the UK and the impacts on financial statements and their users. Discuss and evaluate the requirement for companies to produce financial statements that contain a statement of comprehensive income, a statement of cashflows and a statement of financial position at the end of each financial year that are presented using predetermined formats and follow appropriate accounting/reporting standards.

Content of each of the 3 financial statements 30% Examples of specific regulations, and reasons for them in the preparation of the statements of comprehensive income, financial position, and cash flows and the use of these statements to various users 40% Style – Word-processed essay – clarity of argument 15% Structure/referencing/bibliography. (of which 5% is allocated to English and Grammar) 15%

Please note: As this submission is an essay, it is not expected that subheadings will be part of your work.

Please ensure you run a spell check and reference in line with the Harvard Referencing System so as not to lose marks. All submissions are to be presented using the font – 12 Point Arial and double line spaced.

Do not include any pictures, diagrams, tables etc in your work, submissions should be written text only and NO bullet points. The word count EXCLUDES the cover page and bibliography. Please ensure your student number is clearly evident on each page.