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Week 8 Narrative Reporting Exam Questions and Answers
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Week 8 Narrative Reporting Exam Questions and Answers
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Week 8: Narrative Reporting ExamQuestions and Answers
What iidoes iiUK iiCompany iiLaw iirequire iicompanies iilisted iion iithe iiLondon iiStock
iiExchange iito iipublish? ii- iiAnswers ii-An iiannual iidirectors' iiremuneration iireport.
Fiduciary iiDuty ii- iiAnswers ii-That iiduty iiowed iiby iian iiagent iito iiact iiin iithe iihighest iigood
iifaith iitoward iithe iiprincipal iiand iinot iito iiobtain iiany iiadvantage iiover iithe iilatter iiby iithe
iislightest iimisrepresentation, iiconcealment, iiduress iior iipressure.
If iiyou iiare iia iicompany iidirector, iithe iiCompanies iiAct ii2006 iiputs iithe iifollowing iilegal
iiresponsibilities iion iiyou: ii- iiAnswers ii-1. iiAct iiwithin iithe iipowers iiyou've iibeen iigranted
iias iia iidirector
2. iiTo iipromote iithe iisuccess iiof iiyour iicompany iifor iiall iistakeholders
3. iiTo iiexercise iiindependent iijudgement
4. iiTo iiexercise iireasonable iicare, iiskill iiand iidiligence
5. iiAvoid iiconflicts iiof iiinterest
6. iiNot iito iiaccept iibenefits iifrom iithird iiparties- iigiven iibecause iithey iiare iia iidirector, iior
iias iia iiresult iifor iidoing ii(or iirefraining iifrom iidoing) iianything iias iia iidirector
7. iiTo iideclare iiinterest iiin iiproposed iitransaction iior iiarrangement
What iiare iiyour iifinancial iireporting iiduties iias iia iicompany iidirector? ii- iiAnswers ii-1.
iiRegister iithe iibusiness iifor iibusiness iitax iiwithin ii3 iimonths iiof iistarting iitrade
2. iiFilling iian iiannual iiConfirmation iiStatement ii
3. iiFilling iiannual iiaccounts iiwith iiCompanies iiHouse
4. iiFilling iiCompany iiTax iiReturns iiand iiannual iiaccounts iiwith iiHMRC
5. iiReporting iicompany iichanges
Why iiis iithere iian iiincreased iineed iifor iiinternational iiaccounting iirules? ii- iiAnswers ii--
iiIncreased iiglobalisation ii= iiincreased iidesire iito iiinvest iiand iitrade iiacross iiborders ii=
iiincreased iineed iifor iiharmonisation iiin iithe iiaccounting iirules iibetween iicountries
-So iiusers iiof iifinancial iistatements iican iimake iiinformed iidecisions iiabout iithe
iiaccounting iiinformation iiin iidifferent iicountries
International iiAccounting iiStandard iiBoard ii(IASB) ii- iiAnswers ii-The iiIASB ii(based iiin
iiLondon) iisets iithe iiaccounting iirules iiwhich iihave iinow iibeen iiadopted iiby ii144
iicountries, iiwho iieach iirequire iitheir iilisted iicompanies iito iiprepare iitheir iifinancial
iistatements iiin iiaccordance iiwith iiIASB's iirules iiand iiguidance. iiThey iiset iithe
iiInternational iiFinancial iiReporting iiStandards.
, What iido iithe iiInternational iiAccounting iiStandards ii(IAS) ii// iiInternational iiFinancial
iiReporting iiStandards ii(IFRSs) iido? ii- iiAnswers ii-Set iithe iiruled iion iiwhat iiinformation
iishould iibe iidisclosed ii& iihow iiit iishould iibe iipresented
Since ii2005, iiEuropean iiUnion iirequires iiall iiits iimembers iito iiuse iiIFRS iifor iitheir iilisted
iicompanies.
What iicompanies iiare iirequired iito iipublish iitheir iifinancial iistatements iion iitheir
iiwebsite? ii- iiAnswers ii-Only iilisted iicompanies.
Management iiCommentary/ iiNarrative iireporting ii- iiAnswers ii-A iinarrative iireport iirelated
iito iifinancial iistatements iithat iihave iibeen iiprepared iiin iiaccordance iiwith iiIFRSs.
iiManagement iicommentary iiprovides iiusers iiwith iihistorical iiexplanations iiof iithe
iiamounts iipresented iiin iithe iifinancial iistatements, iispecifically iithe iientity's iifinancial
iiposition, iifinancial iiperformance iiand iicash iiflows.
Management iicommentary iishould iibe iiconsistent iiwith iithe iifollowing iiprinciples: ii-
iiAnswers ii-1. iiProvide iimanagement's iiview iiof iithe iientity's iiperformance, iiposition iiand
iiprogress ii(including iiforward iilooking iiinformation)
2. iiSupplement iiand iicomplement iiinformation iipresented iiin iithe iifinancial iistatements
ii(and iipossess iithe iiqualitative iicharacteristics iidescribed iiin iithe iiConceptual
iiFramework iifor iiFinancial iiReporting.
What iiare iithe iitwo iicomponents iiof iithe iiNarrative iiReport? ii- iiAnswers ii-1. iiCorporate
iisocial iiresponsibility
2. iiStakeholder iiengagement
What iisection iiof iithe iiCompany's iiAct ii2006 iistates iithat iidirectors iiof iia iicompany iiare
iirequired iito iiprepare iia iidirector's iireport iiat iithe iiend iiof iieach iifinancial iiyeae? ii-
iiAnswers ii-Section ii415
What iishould iithe iidirector's iireport iistate? ii- iiAnswers ii-1. iiNames iiof iieach iidirector iiwho
iiserved iiduring iithe iireporting iiyear
2. iiA iisummary iiof iithe iicompany's iitrading iiactivities
3. iiA iisummary iiof iifuture iiprospects
4. iiThe iiprinciple iiactivities iiof iithe iicompany iiand, iiif iirelevant, iithe iiprinciple iiactivities iiof
iiits iisubsidiaries
5.Recommendations iifor iidividends iifor iithe iireporting iiyear
6. iiAny iifinancial iievents iithat iioccurred iiafter iithe iidate iion iithe iibalance iisheet, iiif iithese
iievents iicould iiaffect iithe iicompany's iifinances
7. iiSignificant iichanges iito iithe iicompany's iifixed iiassets
What iidoes iithe iistrategic iireport iisection iishow ii(overview)? ii- iiAnswers ii-It iidescribes
iihow iithe iidirectors iihave iidischarged iitheir iiduty iiunder iisection ii172 iiof iithe iiCompanies
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