European Union and Misstatement: Difference between pages

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imported>Doug Williamson
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imported>Doug Williamson
(Create page. Sources: Accounting guide https://accountinguide.com/misstatement-in-audit/ & Practical law https://uk.practicallaw.thomsonreuters.com/6-107-6878?transitionType=Default&contextData=(sc.Default)&firstPage=true#:~:text=Generally%2C%20an%20acti)
 
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(EU).  
1. ''Financial reporting - audit.''


An economic and political union currently consisting of 27 European member states.
In financial reporting, misstatements are differences between amounts reported - or other disclosures - in financial statements, and the amounts or disclosures required by relevant accounting standards.


The current members are: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia,  Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
Misstatements may be a result of error or of fraud.




====Areas of work====
Types of misstatement include factual misstatements and judgmental misstatements.
The three areas which form the union are:


*The European Community
*Common Foreign and Security Policy
*Police and Judicial co-operation in Criminal Matters


In cases of identifying material misstatements, auditors will be unable to give an unqualified audit report.


====EU law====
The legislature of the EU includes the European Parliament, the Council of the European Union and the European Commission. 


The EU's judicial bodies include the Court of Justice of the European Union (CJEU) and the European Court of Justice (ECJ) which includes the General Court and the Court of Auditors.
2. ''Law.''


 
Any false statement, not necessarily one made between two parties forming a contract together.
====Brexit====
The UK left the EU on 31 January 2020.
 
However, the UK continued to be subject to EU rules and remain a member of the European Single market and Customs union during the period ended 31 December 2020.




== See also ==
== See also ==
* [[Article 50]]
* [[Accounting standards]]
* [[Brexit]]
* [[Audit]]
* [[Brexit transition period]]
* [[Auditors’ report]]
* [[Brussels]]
* [[Contract]]
* [[BUL]]
* [[Disclosure]]
* [[CEBR]]
* [[Factual misstatement]]
* [[Court of Justice of the European Union]]
* [[Financial reporting]]
* [[Customs union]]
* [[Fraud]]
* [[Direct effect]]
* [[Fraudulent misrepresentation]]
* [[Directive]]
* [[Innocent misrepresentation]]
* [[Economic and Financial Affairs Council]]
* [[Judgemental misstatement]]
* [[EMIR]]
* [[Law]]
* [[EU 27]]
* [[Material]]
* [[euro zone]]
* [[Misrepresentation]]
* [[European Commission]]
* [[Negligent misrepresentation]]
* [[European Community ]]
* [[Negligent misstatement]]
* [[European Court of Justice]]
* [[Qualified audit report]]
* [[European Council]]
* [[Unqualified audit report]]
* [[European Economic and Monetary Union]]
* [[European Economic Area]]
* [[European Investment Bank]]
* [[European Parliament]]
* [[Member state]]
* [[NATO]]
* [[Official Journal of the European Union]]
* [[Payment Services Directive]]
* [[Regulation]]
* [[Retained EU law]]
* [[Schengen Area]]
* [[Single Market]]
* [[UK]]
__NOTOC__


[[Category:Context_of_treasury]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]

Revision as of 03:02, 2 July 2021

1. Financial reporting - audit.

In financial reporting, misstatements are differences between amounts reported - or other disclosures - in financial statements, and the amounts or disclosures required by relevant accounting standards.

Misstatements may be a result of error or of fraud.


Types of misstatement include factual misstatements and judgmental misstatements.


In cases of identifying material misstatements, auditors will be unable to give an unqualified audit report.


2. Law.

Any false statement, not necessarily one made between two parties forming a contract together.


See also

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