FRS 101 and Parliamentary supremacy: Difference between pages

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''UK and Irish accounting.''
''UK law''.


Financial Reporting Standard 101, dealing with the Reduced Disclosure Framework for financial reporting in the UK and the Republic of Ireland.
The historical principle in UK law that the UK Parliament was 'supreme' in its law-making powers.


This principle was fundamentally affected when the UK joined the EU in 1973.


FRS 101 applies to companies which are members of larger public groups.
Parliamentary supremacy meant that:


FRS 101 sets out reduced disclosure requirements (within the framework of IFRS) for 'qualifying entities'.
#The UK Parliament was able to make UK law as it saw fit either by repealing earlier statutes, over-ruling case law or by making new law.
#No UK Parliament could bind its successor.  Parliament could not make laws that a subsequent Parliament was prevented from altering or repealing.
#The UK courts had to apply the relevant statute law enacted by the UK Parliament.
By joining the EU, UK Parliamentary supremacy was fundamentally affected and it is no longer true to say that only the UK Parliament has the power to make new law for the UK.


The effect of becoming a member of the EU was to cede the UK Parliament's supremacy on certain matters of European Union law which have direct effect on member states. 


Qualifying entities for this purpose are members of groups where:
The position now is that:


(i) The parent of the group prepares publicly available consolidated financial statements; and <br>
#The EU may pass legislation directly for the UK.
(ii) The qualifying entity is included in the consolidation prepared by the parent company.
#The UK cannot, generally, make laws that conflict with EU law.
#Overall, EU law enjoys supremacy over domestic national law and is applied in priority to domestic law.




==See also==
== See also ==
* [[FRS 100]]
* [[European Union ]]
* [[FRS 102]]
* [[Sovereignty]]
* [[FRS 103]]
* [[FRS 104]]
* [[FRS 105]]
* [[IFRS]]


[[Category:Accounting,_tax_and_regulation]]
[[Category:Compliance_and_audit]]

Revision as of 10:40, 8 October 2013

UK law.

The historical principle in UK law that the UK Parliament was 'supreme' in its law-making powers.

This principle was fundamentally affected when the UK joined the EU in 1973.

Parliamentary supremacy meant that:

  1. The UK Parliament was able to make UK law as it saw fit either by repealing earlier statutes, over-ruling case law or by making new law.
  2. No UK Parliament could bind its successor. Parliament could not make laws that a subsequent Parliament was prevented from altering or repealing.
  3. The UK courts had to apply the relevant statute law enacted by the UK Parliament.

By joining the EU, UK Parliamentary supremacy was fundamentally affected and it is no longer true to say that only the UK Parliament has the power to make new law for the UK.

The effect of becoming a member of the EU was to cede the UK Parliament's supremacy on certain matters of European Union law which have direct effect on member states.

The position now is that:

  1. The EU may pass legislation directly for the UK.
  2. The UK cannot, generally, make laws that conflict with EU law.
  3. Overall, EU law enjoys supremacy over domestic national law and is applied in priority to domestic law.


See also