Financial Reporting Requirements
Financial statements provide essential information for assessing a company’s financial position and performance, enabling investors, creditors, and regulators to make informed decisions while ensuring transparency and accountability (Biehl, 2024).
Technique Overview
Financial Reporting Requirements Definition
In the UK, financial reporting requirements comprise statutory obligations under the Companies Act 2006 and regulations issued by the Financial Reporting Council (FRC). They require the maintenance of accurate accounting records, preparation of statutory accounts, governance approval, and, where applicable, independent audit (FRC, 2024a).
Financial Reporting Requirements Description *
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Business Evidence
Strengths, weaknesses and examples of Financial Reporting Requirements *
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Business Application
Implementation, success factors and measures of Financial Reporting Requirements *
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Further Reading
Financial Reporting Requirements web and print resources *
Financial Reporting Requirements references (4 of up to 20) *
- Barth, M.E. and Landsman, W.R. (2010) How did financial reporting contribute to the financial crisis? European Accounting Review, 19(3), pp.399-423.
- Biehl, H. (2024) ‘The real effects of financial reporting: Evidence and implications’, Journal of Accounting and Economics. Available at: https://www.sciencedirect.com/science/article/pii/S1061951823000733 (Accessed: 10 August 2025).
- Companies Act 2006 (2006) Companies Act 2006. UK Parliament. Available at: https://www.legislation.gov.uk/ukpga/2006/46/contents (Accessed: 10 August 2025).
- FRC (2024a) FRC revises UK and Ireland accounting standards. Available at: https://www.frc.org.uk/news-and-events/news/2024/03/frc-revises-uk-and-ireland-accounting-standards/ (Accessed: 10 August 2025).
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