Financial Reporting In Uk
The financial reporting requirements for the companies in UK are set by FRC (Financial Reporting Council). The regulatory body specifies the reporting standards like the financial statements to be published, the frequency of their release, the method of recognition, valuation and representation of various values and the characteristics which the financial reports should have. In UK there have been many changes in the financial reporting in past and there are also changes in future which are going to take place as per the international standards. The individualistic and uncertainty avoiding culture of UK has contributed in terms of professionalism of reporting practice. The political process involving big organizations and government also have its influence on the reporting in UK. Alumasc Group PLC is in construction industry in UK and completely follows the guidelines prescribed by ASB for the presentation of its financial statements. The financial statements comply with the expectation in terms of the qualitative characteristics these statements should have. The company has also been active in sustainability reporting and maintains transparency in its reporting. The annual reports of the company provide a comprehensive picture of organization’s financial position and performance and non-financial performance to the reader.