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Non compliance between Law and regulation with acccounting standards

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Non compliance between Law and regulation with acccounting standards

  • This topic has 3 replies, 2 voices, and was last updated 8 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • October 19, 2016 at 8:42 am #344930
    juve
    Participant
    • Topics: 59
    • Replies: 77
    • ☆☆

    Hello Dear Mike,

    In some types of industries, there are governing bodies that issue specific laws and regulations that are not in compliance with the accounting standards and the entities are required to comply with those laws and regulations.

    Would you please let me know what is the type of the audit report in these circumstances? Does any specific ISA discuss about it?

    Regards

    October 19, 2016 at 8:49 am #344935
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23315
    • ☆☆☆☆☆

    Give me an example of an industry to which your question applies

    October 19, 2016 at 9:13 am #344941
    juve
    Participant
    • Topics: 59
    • Replies: 77
    • ☆☆

    For example in the banking or insurance industries.

    The regulator body requires the entities to make provisions in a way that is not consistent with the accounting standard.

    or sometimes the entities are required to make SoFP and SoPoL while they have some new classifications that in not stated in the standard.

    Or for example the regulatory body issues some extra conditions for recognition of income/revenue or expenses in those entities

    and ….

    October 19, 2016 at 10:24 am #344953
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23315
    • ☆☆☆☆☆

    Page 156 of this link

    https://www.home.barclays/content/dam/barclayspublic/docs/InvestorRelations/ResultAnnouncements/2015FYResults/20160301_Barclays_Bank_PLC_2015_Annual_Report.pdf

    And page 253 of this link

    https://investors.rbs.com/~/media/Files/R/RBS-IR/results-center/annual-report-2015.pdf

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    Posts
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