Page 189 - Microsoft Word - 00 ACCA F1 Notes Prelims.docx

Chapter 12

Law and regulation governing
accounting

Outcome

By the end of this session you should be able to:

 explain basic legal requirements in relation to retaining and submitting proper
records and preparing and auditing financial reports

 explain the broad consequences of failing to comply with the legal requirements
for maintaining and filing accounting records

 explain how the international accountancy profession regulates itself through
the establishment of reporting standards and their monitoring

and answer questions relating to these areas.

The underpinning detail for this Chapter in your Notes can be found in
Chapter 12 of your Study Text

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