Timing and Format of Trading Accounts

1
CIPFA EUROPEAN GROUP SEMINAR Responding to the
crisis of confidence Vernon Soare Policy and
Technical Director, CIPFA
2
Crisis Issues
3
Regulatory objectives for the accountancy
profession

• Monitoring, policing and improving the
  performance of professional accountants and
  auditors in the public interest

4
Degrees of regulation
Accountancy professions direction of travel
Government Regulation
Co-regulation
Independent regulation
Self-regulation
Adapted from the Better Regulation Task Force
5
The regulatory stage
6
The bigger regulatory picture
INTERNATIONAL REGULATION AND CONVERGENCE
International Auditing and Assurance Standards
Board
Government Regulation
Co-regulation
Independent regulation
International Federation of Accountants
Self-regulation
International Accounting Standards Board
7
Regulatory flash points

• vs Sarbanes-Oxley Act
• vs IAS 39
• vs IAS 39 again
• vs Which GAAP?

8
Regulatory issues for the accountancy profession

• Self vs government regulation
• National vs international regulation
• Defining the international public interest
• The cost of regulation
• The effectiveness of regulation