Regulation - part 1
Taught by James Griffiths · AI tutor support included
Students will understand the dual purpose of regulation in financial reporting and how it functions as both a reference framework and enforcement mechanism. They will be able to distinguish between principles-based and rules-based regulatory approaches, evaluate their respective strengths and limitations, and identify the roles of UK GAAP, company law, international accounting standards, and stock exchange requirements in shaping accounting practices.
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In this lesson
- 0:00 Introduction to Regulatory Framework
- 1:01 Purpose of Regulation
- 2:03 Accounting Regulations Overview
- 4:26 Principles vs. Rules Based Approach
- 6:20 Characteristics of Principles Based Approach
- 7:35 Rules Based Approach Explained
- 9:50 IFRS and Principles Based Approach
- 10:41 Disadvantage of Principles Based Approach
About this lesson
Dive deep into the complexities of regulatory frameworks and corporate governance in this enlightening video. Explore the dual purpose of regulation as both a reference source and an enforcement system, and understand the significant roles of UK GAAP, company law, international accounting standards, and stock exchange requirements in shaping accounting practices. Discover the merits and limitations of principles-based versus rules-based approaches to regulation, emphasising the flexibility and judgment required in the former. This video offers invaluable insights for professionals aiming to navigate the intricate world of corporate governance and accounting standards efficiently.
Duration: 12m
- Regulatory framework and corporate governance
- Principles-based versus rules-based regulation
- UK GAAP and company law requirements
- International accounting standards (IFRS)
- Stock exchange listing requirements
- Enforcement and reference functions of regulation
Transcript
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