What is the purpose of a regulatory framework?

What is the purpose of a regulatory framework?

Regulatory Framework means any laws, regulations, decrees and policies officially developed and approved by the government, for the purposes of regulating SOLID WASTE generation, collection, transport, recycling, reuse, treatment and disposal.

What is regulatory framework of corporate governance?

Regulatory framework on corporate governance The Companies Act, 2013 inter alia contains provisions relating to board constitution, board meetings, board processes, independent directors, general meetings, audit committees, related party transactions, disclosure requirements in financial statements, etc.

What are the source of regulatory framework?

The sources of regulation include both domestic/national laws (laws that apply to activities within the jurisdiction of a sovereign nation) and international laws (agreements between sovereign nations).

What is a regulatory framework in accounting?

The regulatory framework provides a set of rules and regulations for accounting. At the international level, the International Accounting Standards Board provides a broad regulatory framework of International Accounting Standards.

What is the IFRS framework?

IFRS is the international accounting framework within which to properly organize and report financial information. It is derived from the pronouncements of the London-based International Accounting Standards Board (IASB). It is currently the required accounting framework in more than 120 countries.

What three things are the regulatory framework of accounting?

What three things is the regulatory framework of accounting made up of?

• The accounting standards – set by the IASB (IAS and IFRS)
• Company Law (Companies Act)
• The conceptual framework.

What are the four accounting concepts?

These basic accounting concepts are as follows:

• Accruals concept. Revenue is recognized when earned, and expenses are recognized when assets are consumed.
• Conservatism concept.
• Consistency concept.
• Economic entity concept.
• Going concern concept.
• Matching concept.
• Materiality concept.

What are the 12 GAAP principles?

Examples of common accounting principles

1. Accrual principle.
2. Conservatism principle.
3. Consistency principle.
4. Cost principle.
5. Economic entity principle.
6. Full disclosure principle.
7. Going concern principle.
8. Matching principle.

What are the four GAAP principles?

The four basic principles in generally accepted accounting principles are: cost, revenue, matching and disclosure. The cost principle refers to the notion that all values listed and reported are the costs to obtain or acquire the asset, and not the fair market value.