Laws and regulations governing accounting

In this lesson

1. 0:00 Legal requirements for accounting records
2. 1:53 Keeping accounting records in detail
3. 3:28 Legal requirements for financial reporting
4. 5:00 Understanding true and fair view
5. 7:12 Submitting financial statements and offences
6. 10:07 Legal requirements for auditing
7. 11:30 Audit exemptions in the UK
8. 13:25 IFRS Foundation and international standards
9. 15:47 IFRS Foundation structure and governance

About this lesson

James Wright breaks down four critical areas: the legal requirements for keeping accounting records, preparing and submitting financial statements, statutory auditing obligations, and the role of international standards through the IFRS Foundation. You'll discover what companies must do to comply with record-keeping rules, including retention periods that differ between private companies (three years in the UK) and public companies (six years). The lesson explains what "true and fair view" actually means in financial reporting, covering compliance with accounting standards, adequate disclosure, professional judgment, and the absence of material misstatement. You'll also learn the submission deadlines that directors must meet and the serious consequences of non-compliance, from fines to imprisonment. The lesson covers audit requirements and exemptions—understanding which companies must have a statutory audit and which are exempt based on size criteria. Finally, you'll explore the IFRS Foundation's structure and purpose: how it was created to harmonise accounting standards globally, making financial statements comparable across countries and helping investors make better-informed decisions. By the end, you'll have a solid grasp of the regulatory framework underpinning accounting practice, giving you confidence to tackle exam questions on compliance, reporting obligations, and international standards.

Duration: 18m