Unilever And Ifrs The Regulatory Environment - 1089 Words

Unilever and IFRS Introduction Unilever is an Anglo-Dutch multinational company that head two headquarters. One is located in Rotterdam, Netherlands, and another on in London, United Kingdom. It operates in more than 190 countries. (Unilever, 2016) and dedicates to a wide range of consumer goods products whose categories involve Personal Care, Foods and Beverages, and Home Care that each contains a variety of brands. Among the most well-known brands are Dove, Lux, Lipton and so forth. According to Unilever’s 2015 Annual Report, the group owns over 400 brands and 13 of them have a sale of â‚ ¬1 billion or above. (Annual Report and Accounts 2015, 2015) Since one of the company’s headquarter is in United Kingdom, it prepares its consolidated financial statements in accordance with IFRS. Following discussion will be built on this very fact. Discussion First, I will briefly introduce the regulatory environment in United Kingdom. All UK accounting standards are issued by the Accounting Standards Board (ASB) since 1st August, 1990. While on 2nd July, 2012, the responsibility of setting accounting standards shifts to the Financial Reporting Council (FRC) Board. (2016 and confidence, 2016) The FRC is also in charge of quarterly newsletter issue and discussion of primary projects and consultations. For companies willing to or have already gone public, they must receive supervision from London Stock Exchange and ensure compliance to the rules enacted by the London Stock Exchange.Show MoreRelatedThe Impact of Monetary and Fiscal Policy on Bangladesh1814 Words   |  7 PagesSuppliers Distributers Customers Government Regulatory Authority Society/Public Media Academicians OBJECTIVES OF STAKEHOLDERS ? MANAGEMENT – †¢ Fair compensation and other financial benefit. †¢ Job security †¢ Portion of profit †¢ Promotion †¢ Recognition †¢ Professional development †¢ Safe work environment †¢ Infrastructural facilities ? 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