FRS 101 and Financial Conduct Authority: Difference between pages

Revision as of 19:25, 4 December 2015

(FCA).

One of two key regulators for the financial services industry in the UK.

Its aims include:

The Financial Conduct Authority's responsibilities were formerly undertaken by the Financial Services Authority (FSA).

The former FSA's other responsibilities were substantially transferred to the Prudential Regulation Authority (PRA).

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-''UK and Irish accounting.''
+(FCA).
-Financial Reporting Standard 101, dealing with the Reduced Disclosure Framework for financial reporting in the UK and the Republic of Ireland.
+One of two key regulators for the financial services industry in the UK.
-This applies to reporting periods starting on or after 1 January 2015.
+Its aims include:
+# Protecting consumers;
+# Ensuring the industry remains stable; and
+# Promoting healthy competition between financial services providers.
-FRS 101 applies to companies which are members of larger public groups.
-FRS 101 sets out reduced disclosure requirements (within the framework of IFRS) for 'qualifying entities'.
+The Financial Conduct Authority's responsibilities were formerly undertaken by the Financial Services Authority (FSA).
+The former FSA's other responsibilities were substantially transferred to the Prudential Regulation Authority (PRA).
-Qualifying entities for this purpose are members of groups where:
-(i) The parent of the group prepares publicly available consolidated ﬁnancial statements; and <br>
+== See also ==
-(ii) The qualifying entity is included in the consolidation prepared by the parent company.
+* [[Financial Services Authority]]
+* [[FRAND]]
+* [[LIBOR]]
-==See also==
+* [[Prudential Regulation Authority]]
-* [[FRS 100]]
+* [[CFTC]]
-* [[FRS 102]]
-* [[FRS 103]]
-* [[IFRS]]
-[[Category:Accounting,_tax_and_regulation]]