By Sean Burke ( please note my referancing is quiet bad) but hopefully my work is of use to somebody for general information.
Outline the different sources of regulation of financial statements in Ireland. When accountants are preparing a set of financial statements accountants must comply with the relevant accounting rules. The regulatory framework provides a set of rules and regulations to ensure fair play.’ The principal aim of the regulatory frame work is to ensure that the financial statements present a true and fair view of the financial performance and position of the organization’. The three sources of rules which accountants must be familiar with (aka the regulatory framework which applies to financial reporting by companies ) : * Legislation/Law : Via the government through companies legislation * Accounting standards: Via accounting standard setting bodies through accounting standards. Group accounts are also subject to IAS's. * Stock exchange rules : Publically listed companies are governed by rules issued by the Stock Exchange.
‘Companies acts are acts of the Oireachtas which specify the legal requirements for companies including regulations for accounting and reporting’. The various companies acts which have been in force in Ireland since 1963 are
* The Companies Act 1963 was the principal act in ireland.
| * The Companies Amendment Act 1977 was issued to facilitate changes in Stock exchange procedures.
| * The Companies Amendment Act 1982 was issued to deal with sundry miscellaneous changes to the principal act
| * The Companies Amendment Act 1983 was issued to implement the EC Second directive dealing with maintenance of capital and provision of certain rights to shareholders.
| * The Companies Amendment Act 1986 was issued to implement EC Fourth Directive harmonizing financial reporting in member states
| * The Companies Amendment Act 1990 was issued to deal with appointment and powers of examiners to troubled companies.
| * The Companies Act 1990 was issued to introduce new measures to improve the management and direction of companies implementing the EC eighth directive on mutual recognition and dealing with insider trading
| * The European Communities Regulations 1992 was issued to implement EC seventh directive harmonizing group accounts in member states.
| * The Companies Act 1999 was issued due to issues with the issue or sale of securities and to amend the 1990 act with relation to examinership. It also prohibits the formation of a company unless it appears to the Registrar of Companies that the company will carry on an activity in the state.
| * The company law enforcement act 2001 was issued to provide for the establishment of a director of corporate enforcement and also for the Company law review group.
| * The companies act 2003 was issued to establish the Irish Auditing and Accounting Supervisory Authority, to give power to it to supervise the regulatory functions of the recognized accountancy bodies and other prescribed accountancy bodies and in relation to auditing, accounting and other matters.
| * The investment funds, companies and miscellaneous provisions act 2005 was issued to to change the existing law on investment funds, and also to pave the way smooth transposition of EU Directives on Market abuse and prospectus.
| * The investment funds, companies and miscellaneous provisions act 2006
| * The companies amendment act 2009 was issued mainly in relation to licenses and disclosures of loans to directors.
| * The companies miscellaneous provisions act 2009 was issued in relation to parent undertakings and amended a number of other acts.
These acts contain extensive provisions relating to the books and records that companies must keep and the form and content of the company accounts. The main provisions dealing with accounting matters up until 1992 are :
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